The International Trade Council recognizes the valuable insights shared by India's Prime Minister Narendra Modi and Canada's Justin Trudeau, in their robust defense of free trade at the recent World Economic Forum in Davos.
Both distinguished leaders underscored the essentiality of free trade in their keynote addresses. Prime Minister Modi eloquently articulated the importance of economic cooperation and global supply chain growth, urging against isolation as a response to globalisation challenges.
"Further growth in the global supply chain has also stopped. The solution to this worrisome situation against globalisation is not isolation," declared Prime Minister Modi, in a sentiment broadly perceived as a response to recent policy actions by U.S. President Donald Trump.
In light of President Trump's forthcoming attendance at Davos, the U.S. administration disclosed new tariffs on imports from industries predominantly run by Chinese and South Korean businesses, specifically solar panels and washing machines. This development potentially risks impeding the momentum of clean energy growth.
In his address, Canadian Prime Minister Trudeau celebrated the announcement of a revamped Asia-Pacific trade agreement, succeeding the one from which President Trump withdrew the previous year. He emphasized the mutually beneficial nature of the North American Free Trade Agreement (NAFTA) and advocated for future trade agreements, given they serve the best interest of all citizens.
"We're working very hard to make sure that our neighbor to the south recognizes how good NAFTA is, and that it has benefitted not just our economy but his economy and the world economy," said Trudeau.
Following the Trade Day at Davos, Europe Day is set to be highlighted with expected speeches from German Chancellor Angela Merkel and French President Emmanuel Macron.
As the International Trade Council, we echo the sentiments shared by both Prime Ministers at Davos and remain committed to fostering free trade practices worldwide.
