India Warns Against Weaponizing Trade Measures at SCO Meeting
India has cautioned against the misuse of export-related measures, urging transparent and calibrated application to maintain trust in commerce. At the SCO Trade Ministers' Meeting, India stressed the need to address trade deficits and proposed solutions for equitable trade, particularly highlighting challenges in the auto and electronics sectors.
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- India
At a recent gathering of trade ministers in Vladivostok, India cautioned against the proliferation of export-related measures that could be weaponized to generate artificial shortages and disrupt global markets. Attendees were urged to employ such strategies in a transparent manner to foster trust in international trade.
This call comes at a time when India's auto and electronics sectors face challenges due to China's export restrictions on key materials like rare earth magnets. The Shanghai Cooperation Organisation (SCO) meeting underscored the need for addressing these complications by improving market accessibility and simplifying trade processes.
Representing India, Amitabh Kumar emphasized the significance of an open and fair international trading system and called for cooperation on digital economy regulations. India also highlighted the essential role of a development-focused agenda, insisting on equitable trade practices and proposing initiatives to support inclusive growth.
(With inputs from agencies.)
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