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A new trading system on SCO sidelines: India likely to join China and Russia

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Russia, India and China coming together
Sputnik International

India is probably going to join China and Russia in voicing reservations about US trade protectionism at the SCO summit in Bishkek this week, which will stamp PM Narendra Modi’s maiden foreign effort beyond South Asia in his second term.

People who are working with the ET said, the leaders of these three nations along with other members of the states may pitch in for a “new types” of multilateral trading system that will be based on new rules. This will be pitched at the Shanghai Cooperation Organization’s (SCO) meeting on June 13-14th.

It is said that the effect on the worldwide economy due to the proceeding trade war between the US and China will be among the key talking points at the meet.

China has been connecting with India, Russia and other SCO states to join against the protectionist exchange arrangements of US President Donald Trump. An official stated that at the summit, the pioneers of these countries could call for “joint resistance to any manifestations of unilateral protectionism and active cooperation with a view to forming a global economy of a new type and strengthening the multilateral trade system that is inclusive, transparent, non-discriminatory and based on rules.”

Modi is expected to hold respective meetings with the presidents of China, Russia and other Central Asian countries on the sidelines of the summit.

The Indian government is resentful about the Trump organization’s declaration on May 31st that it was now ending an exceptional trade privilege conceded to India in 1976 for exporting products to the US in a duty-free manner.

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