No country can escape recession if protectionism continues: Piyush Goyal

Goyal stated that the policies of protectionism being followed by some countries in the developed world are affecting engagement between countries for trade in goods, services and protection of investments.

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New Delhi: Union Minister of Commerce & Industry and Railways Piyush Goyal said that no country in the world can escape recession if the trend of protectionism continues.

Speaking at the international dialogue on South-South and Triangular Cooperation in New Delhi, Goyal said, “The time has come to take on the policies of protectionism and unilateral measures by some developed countries that are having an adverse effect on global free trade and if this continues there will be recession in the world and no country will escape it,”

Goyal further stated that the policies of protectionism being followed by some countries in the developed world are affecting engagement between countries for trade in goods, services and protection of investments.

Goyal also urged that all member countries must take up reforms of the WTO and not deal with issues in a piecemeal manner.

“We cannot afford to walk away from the current system but all member countries of the WTO must re-engage to ensure that  the rule-based, transparent, and non-discriminatory governance that free-trade requires is taken forward honestly and in a non-discriminatory manner and keeping in mind the interests of different member countries with disparate GDP,” he added.

The aspirations of people cannot be held back for a better life: for sustainable growth of the seven billion people of the world and India is committed to the Sustainable Development Goals (SDGs) and believes that peoples’ aspirations cannot be held back till 2030, he said

Goyal hoped that the South-South and Triangular Cooperation will help the developed world become a part of the developing world’s growth agenda.