Ajay Banga Urges Developing Nations to Lower Tariffs

World Bank President Ajay Banga has urged developing countries to reduce tariffs and liberalize trade. Banga highlights that high tariffs in these countries could lead to reciprocal tariffs. He notes that global uncertainty creates caution in business environments, but sees potential in regional integration.

World Bank President Ajay Banga on Wednesday called for developing nations to reduce tariffs and push for more open trade.

Banga emphasized that high tariffs in many developing countries could lead to retaliatory measures, potentially hampering economic growth.

Despite global uncertainty impacting business climates, Banga sees significant untapped potential in strengthening regional trade ties.

(With inputs from agencies.)