India has stressed on the importance of addressing persistent trade imbalances through “better market access, cooperation on standards and streamlined trade facilitation” at the Shanghai Cooperation Organisation’s (SCO) Trade Ministers' Meeting in Vladivostok on September 6.
Representing India at the summit was Amitabh Kumar, Additional Secretary, Department of Commerce, who also underlined the need for an open, fair, inclusive and non-discriminatory multilateral trading system with the WTO at its core.
“India cautioned that export-related measures should not be weaponised or misused to create artificial scarcity, distort markets, or disrupt supply chains, and emphasised that their calibrated and transparent use is essential to maintain trust in international commerce,” the commerce ministry said in the statement.
The remarks came against China withholding exports of rare earth magnets, 90 per cent of which are under its control. India’s auto and electronics sectors faced major supply chain issues as a result of restrictions on rare earth and fertiliser exports by China since April this year.
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Additionally, India's trade deficit with China has increased to about USD 100 billion in 2024-25.
With the SCO, of which China is a member, accounting for 42 per cent of the world's population and 17.2 per cent of global trade, India emphasised the importance of coordinated action to enhance trade flows, address vulnerabilities, and support inclusive growth across the region while also warning that trade-linked climate measures should not result in arbitrary or unjustified discrimination.
Kumar also highlighted the importance of a development-centred agenda that includes a permanent solution on public stockholding for food security purposes, effective special and differential treatment for developing countries, and restoration of a fully functional two-tier WTO dispute settlement system.
He also underlined the role of services trade and the temporary movement of skilled professionals, in line with national laws and transparency, to support greater participation of MSMEs in global value chains.
On the digital economy, India proposed SCO workstreams focused on fair, transparent and predictable regulatory frameworks, voluntary cooperation on best practices, and capacity-building for secure, innovation-led digitalisation.
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