India was seeing real challenge at the World Trade Organisation and in the global trading system itself, probably for the first time and the Centre is trying to be friendly with all countries, Union Commerce Minister Suresh Prabhu said.
“Countries are putting roadblocks for the first time and (it) is going to be real, real issue,” he said addressing industrialists at an event organised by The Federation of Indian Export Organisations (FIEO).
In his welcome address, A. Sakthivel, Regional Chairman, FIEO-Southern Region, pointed out that there was increasing concern about escalating trade war in the world.
Trade wars
"We are not enemies as far as trade is concerned. We are friendly with all countries and trying to improve trade,” Mr. Prabhu said.
He pointed out India has agreed to do trade with China to reduce the trade deficit and is also in talks with the European Union, Japan, Korea and other Asean countries for increasing trade volume.
Mr. Prabhu also urged industrialists not to depend much on the government.
"I only wish and hope..., don't expect everything from the government. The Government is doing more than what you want. The Government can only provide umbrella support. But when it comes to business, that can be done only by you businessmen," he said.