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

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

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

Addressing the trilateral meeting, Goyal said that the initiative could not have come at a more opportune time in the post COVID scenario when there is a likelihood of rechurning of supply chains in the Indo-Pacific region and it is incumbent upon the group to take the initiative. He also stressed on the need for digitization of trade procedures.

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

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Enhancing share of trade, investment

Describing Australia, India, and Japan as crucial players in the region, Piyush Goyal said that during 2019, the cumulative GDP was $9.3 trillion while cumulative merchandise goods and services trade 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 the share of our trade and investment in the region”, the Minister said. 

Highlighting India's crucial role during the 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 the resiliency of supply chains.

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

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

(PTI Photo)

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