Underlining that the government is merely trying to mitigate the exporters’ adversities while accessing the global markets, Commerce Minister Suresh Prabhu has said that India is not providing any subsidies to its exporters and added that this is a misconception. He also said that Organization for Economic Cooperation and Development (OECD) countries are giving more subsidises to their farmers, particularly in the export of agriculture products.
Commerce Minister further said that the country is fully complies with the guidelines of the WTO and not at all violating those. He also said that India’s focus is to keep the WTO alive & stronger and the country never had such challenging times in global trade. Besides, he noted that existence of the WTO is under threat and if there is no WTO, all countries will face problems. There will be chaos.
Prabhu also mentioned about the efforts being taken by the government to resolve the trade dispute with the US and China. Commerce Minister said India is making efforts to reduce the huge trade deficit with China. Further, he said that India is also trying to forge a number of bilateral trading agreements with Latin America, Africa, ASEAN, Europe, the UK, central Asia, GCC, Far East and China.
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