New Delhi, June 11: “The slowdown in global trade and investment is of serious concern to all the nations as it adversely affects economic growth, development and job creation”, said Commerce Minister Piyush Goyal calling for de-escalating trade tensions and reviving confidence in the rules based multilateral trading system.
Goyal held a series of bilateral talks with a number of countries on the side lines of the two day G20 Ministerial on Trade and Digital Economy in Japan yesterday, where he emphasized the need for reciprocal market access for Indian products with host Japan and countries like USA, UK, China, France, Singapore, Korea, Spain, Canada and others.
“Focus on the imperatives of meeting the goals of SDGs and eliminating poverty and deprivation must not be lost. India is committed to working towards building free trade, that is inclusive and development centric to bring prosperity to people around the world”, he said.
He further reiterated that with the advent of digital technologies, services are vital drivers of growth. “Servicification of the manufacturing sector is enhancing the importance of services in global trade. Major investment is also being driven by the services sector. Thus, we need to remove barriers and facilitate temporary movement of highly skilled professionals to sustain this investment and growth”, he added.
Goyal further pointed out another way to go about by supporting greater participation of MSMEs in developing countries both in domestic and global trade, as they are crucial for jobs and income generation, on which livelihood of millions are dependent.
“India urges G20 to provide preferential market access to MSMEs in developing countries to be part of the Global supply chains”, he said.
“There is no doubt that digital technologies are impacting our economies in a significant way and nations that fail to adapt to these changing realities run the risk of being left behind”, he signed off claiming that technologies could turn disruptive if not harnessed in right time.