There is a need for reciprocal market access for Indian goods: Piyush Goyal

June 10
23:29 2019

Commerce and Industry Minister Piyush Goyal said that there is a need for reciprocal market access for Indian products.

Goyal was speaking on the sidelines of the G20 Ministerial on Trade and Digital Economy in Japan.

During the event, Goyal engaged in bilateral meetings with a number of countries like the host nation Japan, USA, UK, China, France, Singapore, Korea, Spain, Canada, EU, Mexico, Saudi Arabia, South Africa, Chile and Australia.

“The slowdown is of serious concern to all of us as it adversely affects economic growth, development and job creation,” Goyal said, according to a statement by the Commerce Ministry.

The minister also reiterated the need for de-escalating trade tensions and reviving confidence in the rules based multilateral trading system.

The Commerce Minister said that while India is committed to working towards building inclusive, free trade. He also said that digital technologies and services have become 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,” the release said.

Encouraging greater participation of the MSME sector in domestic and global trade in developing countries would be crucial for job creation and income generation.

“India urges G20 to provide preferential market access to MSMEs in developing countries to be part of the Global supply chains,” the release said.

While addressing the two-day meeting of the G-20 finance ministers and central bank governors in Fukuoka, Japan, India’s Finance Minister Nirmala Sitharaman on June 9 noted the urgency to fix the issue of determining right nexus and profit allocation solution for taxing the profits made by digital economy companies. Sitharaman also highlighted the need for the G20 to keep a close watch on global current account imbalances to ensure that they do not result in excessive global volatility and tensions.

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