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Trade protectionism must be rejected in all forms: India at SCO

4/24/2018

Beijing, Stating that the economic globalisation should be more open and balanced for all,India on Tuesday reiterated its commitment to strengthen its economic and investment ties, saying protectionism must be rejected in each and every form. Speaking at the Shanghai Cooperation Organisation (SCO) Council of Foreign Ministers here, External Affairs Minister Sushma Swaraj underlined, 'We believe that economic globalisation should be more open, inclusive, equitable and balanced for mutual benefits. Protectionism in all its forms should be rejected and efforts should be made to discipline measures that constitute barriers to trade.' Trade protectionism is a type of policy that limits unfair competition from foreign industries. While few of the countries are vouching for trade protectionism, India and China are among others strongly opposed to it. In an effort to take global economy to a new height, she said, 'We must promote liberalisation and facilitation of trade and investment to inject greater impetus into the world economy. In this respect, we must continue to diversify cooperation in the fields of innovation and digital economy, science and technology, energy, agriculture, food security,amongst others.' Terming SCO a major platform for convergence in world views on sustainable development, clean and healthy living, multilateral trading system, Doha Development Agenda, disarmament and non-proliferation, the Minister added,'We are committed to the UN Framework Convention on Climate Change and its Paris Agreement of 2015 on combating climate change.' On affordable and clean energy, she said, 'We also reaffirm our commitment to undertake mutual cooperation for reducing the cost of deployment of renewable energy.' Ms Swaraj is on China visit to participate in the SCO Council meeting. India has recently become its full-time member along with Pakistan.

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