When President Xi Jinping took the stage in Davos in January and painted China as a champion of free markets ready to fill the global leadership role vacated by the United States, German officials couldn't help but chuckle.

Ms Sitharaman met ABB officials at Davos on the sidelines of the annual World Economic Forum meeting.

The issue was discussed at an "informal meeting" of key WTO members, including India, China, Brazil, Japan and Australia, in Davos last week.