Is Free Trade Over? Davos Debate On Trade Wars And Manufacturing

Speaking at BT Davos 2026, Prashant Ruia, Chief Executive of Essar Group, offers a sharp assessment of the rapidly changing global trade landscape. As the world moves away from a centralised, WTO-led free trade order towards bilateral and regional trade arrangements, Ruia explains why trade disruption, policy divergence and protectionist pressures are reshaping global manufacturing. In conversation with Siddharth Zarabi, Group Editor, Business Today, he highlights the growing dilemma faced by Western economies — balancing open markets with the urgent need to retain domestic manufacturing and jobs. With rising costs in the US and Europe and increasing competition from lower-cost regions such as India and China, Ruia argues that some form of compensation or support for local manufacturing is inevitable. Will the push to preserve manufacturing prevail over free trade ideals? Watch this insightful discussion Inside India’s Investment Story from Davos 2026.