'BRICS nations bring stability in uncertain World', Piyush Goyal focuses on trade as catalyst of development

New Delhi, November 13: "India places great importance on its engagement with BRICS as it brings stability and balance to an uncertain world", affirmed Commerce Minister Piyush Goyal, at the interventions made by him in the BRICS trade ministers meeting held in Brasilia today.

 

"The global economy is facing grave challenges due to growing protectionism and trade tensions due to unilateral measures. In this uncertainty India continues to offer economic opportunities with reduced corporate taxes that are the most competitive in the world, liberalised rules for Foreign Direct Investment and revitalisation of sectors like real estate and the micro and small enterprises", he added at the International Economic Outlook.

 

The MSMEs in India support the livelihood of millions of people. The 50 million MSMEs create over 100 million jobs and contribute 40 percent to India’s exports. It is the backbone of Indian economy but the increasing trends of protectionism in the form of Non-Tariff Barriers are denying market access to these enterprises particularly from the developing countries.

 

"Developed countries advocate open and free trade with emphasis on removal of tariffs in developing countries but they themselves are raising more barriers in the form of NTBs that are leading to economic uncertainties and raising the cost of doing trade in developing and Least Developed Countries", Goyal said.

 

He further urged the BRICS countries to again focus on trade as a catalyst for development, poverty alleviation and job creation. BRICS countries accounted for 25 percent of the world’s GDP, 50 percent of the world’s population and around 20 percent of global merchandise trade in 2018.

 

"BRICS countries", added the Minister, "have natural resources, human capital and financial outreach and have the potential to become global growth engines and leaders in innovation and enterprise". He reiterated that e-commerce players must follow the letter and spirit of the law of the country.