The rise of protectionism will hamper growth of world trade and economy, according to Rakesh Bharati Mittal, President, Confederation of Indian Industry.

Speaking at the 9th Asian Business Summit, Mittal said, “Any artificial trade barriers we bring in will only hurt the economy and global trade. We cannot afford to have losses in some country because of others. Simultaneously, we also cannot have product prices go up and your own population starts suffering for lack of money.”

“Bilateral, Free Trade Agreements or Regional Comprehensive Economic Partnership (RCEP) are something that we need to push forward,” Mittal added. His comments gain prominence as the US has declared setting up protectionist trade barriers in an attempt to boost its domestic industry.

Tae-Shin Kwon, CEO at the Federation of Korean Industries, also red-flagged the trade wars and said that countries should unite and strengthen economic ties through free and open international economic order.

Kwon noted that trade wars are a major problem and said, “How to cope up with the issues that arise out of it such as import goods and job losses is a big agenda for everyone...Our conclusion is that regions must unite more and strengthen our economic ties.”

The move to erect trade barriers will not lead to the intended results, according to Vice-President, Malaysia-Japan Economic Association, Mohamed Iqbal Rawther. He said, “Trade wars will only empower countries like China rather than subdue them in the process.”

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