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, Indian minister of commerce and industry and railways Piyush Goyal told a conference in New Delhi recently.

He was speaking at an international dialogue on South-South and Triangular Cooperation.

Goyal urged all member countries to take up reforms at the World Trade Organisation (WTO) and not deal with issues in a piecemeal manner.

The policies of protectionism being followed by some developed countries are affecting engagement among nations in trade in goods, services and protection of investments, an official release quotd the minister as saying.

South-South cooperation is a broad framework of collaboration among countries of the Southern hemisphere in the political, economic, social, cultural, environmental and technical domains. (DS)

Fibre2Fashion News Desk – India

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