New Delhi: SCOPE and Indian Institute of Foreign Trade (IIFT) jointly organized a program on “International Trade, WTO and Way Forward” which was inaugurated by N. Sivasailam, IAS, Special Secretary, Commerce & Industry, Govt. of India in the presence of Ved Prakash, Chairman, SCOPE & CMD, MMTC, Dr. U.D. Choubey, DG, SCOPE, Dr. Abhijit Das, Head & Professor, IIFT. Inaugurating the program, on behalf of Commerce & Industry Minister, the Special Secretary, Commerce, N. Sivasailam, said there are uncertainties in world trade because of trade war which is causing collateral damage. International trade is going through a churn. He said the dispute resolution mechanism which is the negotiating arm of WTO, is at strain which is a matter of great concern. He further said that PSEs are proactively addressing the development agenda of the nation and the government expects them to proactively engage in case of WTO reforms.
Mr. Ved Prakash while expressing his concerns about the recent global trade war said that on one side, we are facing challenges from the dumping of goods and on the other hand, we are also experiencing decline in exports. However, Govt. of India has taken many initiatives like Make in India, Startup etc towards ease of doing business.
Dr. U.D. Choubey while welcoming expressed concern on the ongoing tariff war, the supremacy of currency and policy of protectionism which is restricting free trade between the nations. He also said such tariff war is self-defeating and predicted that in the current circumstances, next recession is not far off. India cannot remain untouched.
Dr. Abhijit Das in his address said the countries that were at the forefront of liberalization have withdrawn their hand. He said that Indian PSEs will suffer collateral damage because of restrictive trade practices.
On this occasion, N. Sivasailam also released the recent copy of Kaleidoscope journal. The Programme was organized in the backdrop of India’s growing role in international trade and commerce and the opening of the economies globally. The program was attended by a large number of senior executives of public enterprises.
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