Piyush Goyal attends summit with Australia, Japan; affirms support to free & fair trade

India, Australia, and Japan support free, fair, inclusive, n-discriminatory, transparent, and stable tre and investment environment in Indo-Pacific region, a trilateral summit of respective tre ministers have affirmed.

Union Commerce Minister Piyush Goyal, his Australian counterpart Simon Birmingham and Japan's Ecomy Minister, Kajiyama Hiroshi, held a ministerial video conference on Tuesday where y underscored necessity and potential to enhance resilience of supply chains in Indo-Pacific region in light of Coronavirus crisis and resulting changes in ecomic and techlogical landscape globally.

dressing trilateral meeting, Goyal said that initiative could t have come at a more opportune time in post COVID scenario when re is a likelihood of rechurning of supply chains in Indo-Pacific region and it is incumbent upon group to take initiative. He also stressed on need for digitization of tre procedures.

"India wholeheartedly endorses bro concept of working towards ensuring a trustworthy, dependable, and reliable supply chain in Indo-Pacific region. diversification of supply chain is critical for managing risks associated with supply of inputs including disciplining price volatility. We could provide core pathway for linking value chains in region by creating a network of reliable long term supplies and appropriate capacities.”

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Enhancing share of tre, investment

Describing Australia, India, and Japan as crucial players in region, Piyush Goyal said that during 2019, cumulative GDP was $9.3 trillion while cumulative merchandise goods and services tre were $2.7 trillion and $0.9 trillion respectively. “With such a strong baseline, it is important that we use this opportunity to work towards enhancing share of our tre and investment in region”, Minister said. 

Highlighting India's crucial role during COVID crisis with export measures to ensure equitable distribution of critical medical products, Goyal said it indicates New Delhi's credibility and reliability as a partner which is an important parameter for ensuring resiliency of supply chains.

"We firmly believe that Australia and Japan are key partners for us in our joint endeavor", Goyal said.

three countries, along with United States, are hoping to expand commercial, strategic and defence ties in region where China has emerged as a dominant player.

(PTI Photo)

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