While some reduction in the growth of global trade has been observed, for now there are few signs of a total retrenchment. The EU, with its policy of 'open strategic autonomy', has embraced in principle the ideas of preserving as much openness as is possible and of pursuing, again as far as possible, an international order based on cooperation and accepted rules.
17. We are also taking a number of steps to improve commercial viability of Urban Co-operative Banks (UCBs). These steps include proposed establishment of an Umbrella Organisation and a Centralised Fraud Registry for UCBs and governance reforms at the board level. We are also encouraging voluntary merger and consolidation in the sector to help reduce operating costs, diversify risks and economise on capital.