BREAKING NEWS

BREAKING NEWS

Modi and Trudeau defend free trade at Davos

Indian Prime Minister Narendra Modi and Canada's Justin Trudeau came out in defence of free trade at the World Economic Forum in Davos.

Now Reading:

Modi and Trudeau defend free trade at Davos

Text size Aa Aa

Both Indian Prime Minister Narendra Modi and Canada's Justin Trudeau kicked off the World Economic Forum in Davos with a defence of free trade.

Modi urged joint action on economic cooperation in a speech some delegates took as a swipe at the US President Donald Trump

"Further growth in the global supply chain has also stopped,” said the Indian prime minister.”The solution to this worrisome situation against globalisation is not isolation."

Ahead of the eagerly awaited arrival of Trump at Davos, the US unveiled tariffs on imports of solar panels and washing machines industries dominated by Chinese and South Korean businesses.

The decision to impose a tariff on imported solar panels also risks slowing the growth of clean energy.

In his speech the Canadian president, celebrated the announcement of a new Asia-Pacific trade agreement to replace the one that Trump pulled out of last year.

"We're working very hard to make sure that our neighbor to the south recognizes how good NAFTA is,” he said. “And that it has benefitted not just our economy but his (U.S. President Donald Trump) economy and the world economy, but we're also very much open to more trade deals involving more people as long as it's in the best benefit of all of our citizens."

After trade day in Davos, it is Europe Day on Wednesday with speeches expected from the German Chancellor Angela Merkel and French President Emmanuel Macron.