Prime Minister Narendra Modi on Friday hit out at unilateralism and trade protectionism, and said there is a need for a rules-based, anti-discriminatory and all inclusive WTO-centred multilateral trading system. Mr. Modi’s remarks come amidst the raging trade war between the U.S. and China. Addressing the Shanghai Cooperation Organisation (SCO) Summit here, Mr. Modi said unilateralism and protectionism have not benefited anyone. President Xi said India and China should uphold free trade, and multilateralism, without directly referring to the ongoing China-U.S. trade war. The declaration stressed the importance of further improving the architecture of global economic governance, and deepening cooperation to build a transparent, predictable and stable environment for the development of trade and investment cooperation.

Source: The Hindu June 14, 2019 16:41 UTC