Finance Minister Arun Jaitley hints at more liberalisation measures to insulate the economy from global slowdown. Jaitley hopes fears about free trade will subside once the US presidential election is over. He also said there are fears of spillover of trade protectionism from developed world are real.
Addressing a gathering of finance officials of the BRICS group of emerging nations, Arun Jaitley singled out Britain’s vote to leave the European Union, as well as an aggressive campaign against trade deals in the U.S. presidential election.
“Part of the developed world is moving towards protectionism,” Jaitley said. “If developing countries see a trend of protectionism, the spillover impact on the policies in other parts of the world would be adverse.”
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Britain’s vote and Donald Trump’s championing of “America First” are seen as a part of a growing populist backlash against globalization which critics have worsened income and social inequities.