SME Times News Bureau | 03 Dec, 2018
Industry body FICCI on
Monday welcomed the recent easing of trade tensions between the US and China.
The encouraging signals from the US President Donald Trump and Chinese President
Xi Jinping's meeting in Argentina have already initiated the process that,
in all probability, will succeed in defusing the impending global trade war
which threatened to impact world trade in a major way, FICCI said in a press
The escalating tensions between the two major trading nations in the
world has been a cause of deepening concern in terms of its adverse impact on
the financial markets across the world and also the economy, it added.
"The very fact that no additional tariffs will be imposed by the US
and both the two sides will engage in negotiations, is a big relief for other
trading nations, including India. Also, with the G20 nations agreeing for the
required reforms in the multilateral trading platform, WTO" said Rashesh
Shah, President, FICCI.
India's role in this exercise will be critical in bringing together all
the countries to the discussion table for finding a workable solution, he
"As the country will now be hosting the G20 summit in 2022, it can
play an important role in helping the positive results of the Argentina meeting
deliver concrete results, going ahead," he said.