WTO under threat, challenging times for global trade: Prabhu
Kolkata, July 7: Holding that global trade is passing through "challenging times", Union Commerce and Industry Minister Suresh Prabhu on Saturday said the existence of World Trade Organisation (WTO) was under threat.
According to him, WTO is "a must" and in its absence, there will be chaos in the global trade.
"Today, it is the most challenging time for global trade... we never had such a challenging time. For the first time, the existence of WTO is under threat. People are questioning the accepted trading norms," he said at an event organised by Federation of Indian Export Organisations here.
Citing an example of "letter of credit", a prerequisite for exports, Prabhu said fundamentals of global trade are "under scrutiny".
"If you don't have WTO, not only India, every country will have problem. We strongly feel WTO is a must because it guarantees certain rules and regulations to run global trade. There will be chaos if you don't have WTO."
Prabhu said the country was trying to make the global organisation strong.
"We are not only talking of reform of WTO and working on how revitalise it. I personally work with important ministers of the world and am trying to find out (the way forward)... improving WTO is one thing and discarding it is a different thing," he said, adding that the country is trying to keep the organisation alive and strong.
He said India was working on specific bilateral relationship with various countries in Africa, Latin and central America, Europe and Asia.
"After several meeting with African countries, we offer them Free Trade Agreement (FTA) and trying to find out how to make FTA with GCC countries," he said, adding that the country was working with the US to resolve the trade dispute with it and had signed an agreement with China to balance trade with the neighbouring country.
He also said the Commerce Ministry pitched for treating exports as a priority sector lending.
"Exports must be treated as priority sector lending and we are talking to Finance Ministry and the Reserve Bank of India. How do you say priority of India is export when it is not a priority for lending?" he asked.
The government would ensure that the country's global mission would support exporters and for which a paper has been prepared, he said.
"We are talking to Finance and External Affair Ministry time and again. Promoting exports will need opening of our missions abroad. It requires cabinet approval like Japan's Jetro or Australia's Austrade... we must have this," he added.
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US President Biden assures peaceful transfer of power in January
Washington, Nov 7: Outgoing US President Joe Biden on Thursday vowed to ensure a peaceful and orderly transfer of power to President-elect Donald Trump in January and appealed to the people to accept the election results for the White House.
Biden made the comments during an address to the nation a day after Trump, 78, was re-elected as the 47th president of the US after defeating Vice President Kamala Harris, the Democratic Party's nominee.
Biden said he spoke with Trump and also with Vice President Harris, who he said ran an inspiring campaign.
Trump, who had lost the 2020 elections to President Biden, won this time both in terms of popular votes and electoral college votes.
“Yesterday, I spoke with President-elect Trump to congratulate him on his victory. I assured him that I would direct my entire administration to work with his team to ensure a peaceful and orderly transition," Biden said in his address from the Rose Garden of the White House.
"That's what the American people deserve,” he added.
"For over 200 years, America has carried on the greatest experiment in self-government in the history of the world," he said, adding that the people vote and choose their leaders and do it peacefully.
"In a democracy, the will of the people always prevails," said Biden in his address attended by members of his Cabinet and senior administration officials.
Biden said he hoped the election could also lay to rest the question about the integrity of the American electoral system.
“It is honest, it is fair, and it is transparent. It can be trusted, win or lose. I also hope we can restore the respect for all our election workers who busted their necks and took risks at the outset,” he said.
“As they did their duty as citizens, I will do my duty as president. I'll fulfill my oath and I will honour the Constitution. On January 20th, we'll have a peaceful transfer of power here in America,” Biden said.
Rebutting criticism of his economic policy, Biden said his administration is leaving behind the strongest economy in the world.
Biden said he also spoke with Vice President Harris.
"She's been a partner and a public servant. She ran an inspiring campaign, and everyone got to see something that I learned early on to respect so much: her character... She has great character, true character,” he said.
Biden added that Harris -- who took after Biden withdrew in July-- gave her "whole heart and effort" to her presidential campaign.
"I know for some people, it's a time for victory, to state the obvious. For others, it's a time of loss," he said.
Adding that campaigns are contests of competing visions and the country chooses one or the other, Biden said, "We accept the choice the country made."
"You can't love your country only when you win. You can't love your neighbour only when you agree,” Biden said.
His remarks are seen as an attempt to heal a country that appeared divided into two groups after the results of the bitterly contested presidential election were out.
"I know people are still hurting, but things are changing rapidly. Together, we've changed America for the better. Now we have 74 days to finish our term. Let's make every day count. That's the responsibility we have to the American people,” he said.
Noting that setbacks are unavoidable, he said that giving up is "unforgivable".
"We all get knocked down. But the measure of our character, as my dad would say, is how quickly we get back up. Remember, a defeat does not mean we are defeated. We lost this battle. The America of your dreams is calling for you to get back up,” he said.
“That's the story of America for over 240 years and counting. It's a story for all of us, not just some of us," he said, adding that the American experiment endures.
"We're going to be okay, but we need to stay engaged. We need to keep going. Above all, we need to keep the faith,” Biden said.
