Goyal pitches for Indo-Pacific wide services trade agreement


PTI, Jul 7, 2021, 5:39 PM IST

New Delhi: Commerce and Industry Minister Piyush Goyal on Wednesday called for a services trade agreement among friendly nations of the Indo-Pacific region as it can help liberalise domestic regulations and build capacity in sectors like e-commerce and IT.

Speaking at a special plenary with the trade ministers of the Indo-Pacific region, Goyal said India’s trade with select Indo-Pacific economies increased to USD 262 billion in 2020 from USD 33 billion in 2001.

However, he said, non-tariff measures act as major trade barriers in the region.

”Given the prospects of services trade, an Indo-Pacific wide services trade agreement should also be considered amongst friendly nations. It can help liberalise domestic regulations and build capacity on e-commerce and IT-enabled services and other areas such as Artificial Intelligence,” he said.

He also invited businesses of the region to avail incentives under India’s production-linked investment schemes, which cover 13 sectors and aim at creating global manufacturing champions.

He further said trade facilitation can ease the cross-border movement of goods.

India’s key exports to the region include petroleum, diamonds, medicines and light vessels. Its imports comprise coal, petroleum, palm oil, and telecom equipment.

Goyal said India has taken several measures, resulting in the simplification and rationalisation of many existing rules and regulations.

Further, the minister said the supply chain resilience initiative launched in September 2020 by trade ministers from India, Australia and Japan is a firm step towards building resilient supply chains.

”We hope to be able to invite other countries to join us in this very important initiative,” Goyal said. ”Our economic future in the Indo-Pacific region will largely be defined by our capacity to build on blue economy potential, regional economic integration and improving connectivity to promote regional trade.”

Indo-Pacific region countries include Sri Lanka, Australia, Bangladesh, Bhutan, Fiji, India, Japan, Malaysia, Maldives, New Zealand and Singapore.

The India Pacific Business Summit was organised by industry chamber CII.

Udayavani is now on Telegram. Click here to join our channel and stay updated with the latest news.

Top News

No proposal for setting up 8th Pay Commission: Govt

Netaji’s kin detained, 4 arrested ahead of Varanasi event

Two Bangladeshi nationals arrested for propagating ‘Jihad’ in India: NIA

Jasprit Bumrah ruled out of Asia Cup with back injury

Body of BJP leader found hanging

7-year-old girl feared drowned after falling from footbridge, rescue ops on

40 and going strong: Sharath wins TT singles gold after 16 years


Related Articles More

No proposal for setting up 8th Pay Commission: Govt

Netaji’s kin detained, 4 arrested ahead of Varanasi event

UGC-NET phase 2 postponed, to be conducted between Sept 20 and 30

Two Bangladeshi nationals arrested for propagating ‘Jihad’ in India: NIA

Body of BJP leader found hanging

MUST WATCH

Tradition followed on full moon in aati

Water flow at Barehalla Check Dam near Shivamogga

Chikkamagaluru Byrati basavaraj angery against officer

Chikkamagaluru Municipal Council has followed Yogi’s model to prevent illegal cow slaughter

Electric lines passing near house at Dotihala


Latest Additions

No proposal for setting up 8th Pay Commission: Govt

Netaji’s kin detained, 4 arrested ahead of Varanasi event

UGC-NET phase 2 postponed, to be conducted between Sept 20 and 30

Har Ghar Tiranga: Aralagodu Gram Panchayat receives faulty tricolour

Two Bangladeshi nationals arrested for propagating ‘Jihad’ in India: NIA

Thanks for visiting Udayavani

You seem to have an Ad Blocker on.
To continue reading, please turn it off or whitelist Udayavani.