Jaitley was speaking on global security challenges at an international security conference in Moscow, where he raised the issue.
Jaitley said that economic protectionism could be counted as a top concern, adding that unpredictability in ties between major powers can’t be overlooked.
"There are... worrying signs of economic protectionism. New barriers to migration and the closing of borders are other elements of such an approach. However, such efforts are unlikely to be able to address the complex issues involved," said Jaitley.
Over the weekend, the finance minister cum defence minister had raised the issue of stricter H-1B visa rules in a meeting with his US counterpart Steven Mnuchin. There, he had said that his rising protectionism would hurt the global economy.
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In Moscow, he said that Asia is presently the stage for global competition, with economies that can be considered critical for global growth.
"For the foreseeable future, Asian economies will continue to be the drivers of global growth. Asia could also be emerging as the stage for competition between large and rising powers," Jaitley said.