Saturday, May 28, 2022

Indo-Pacific region is new economic centre of global gravity: Piyush Goyal

Commerce and industry minister Piyush Goyal invited the business community in the Indo-Pacific region to actively participate in bolstering development, trade, and growth. He was delivering the keynote address at CII’s Special Plenary with the Trade Ministers.

Describing the Indo-Pacific region as the new economic centre of gravity of the globalized world, Goyal said that Prime Minister Narendra Modi, in 2015, had articulated his vision for the Indo-Pacific in one word ‘SAGAR’, Security And Growth of All in the Region. 

Goyal further added, “We talk of shared prosperity we must remember that shared prosperity is impossible without shared commitment”.

Goyal said India has taken several measures, resulting in the simplification and rationalisation of many existing rules and regulations.

Further, the minister said the supply chain resilience initiative launched in September 2020 by trade ministers from India, Australia and Japan is a firm step towards building resilient supply chains.

He added, “Our track record should give confidence to our friends that India will be their natural and most reliable ally in years to come”.

He also referred to the silver lining amid the pandemic. He mentioned that Coronavirus created a feeling of brotherhood in nations and on that basis “which we have a chance to build promising partnerships.”

The minister also highlighted the implementation of trade facilitation and removal of non-tariff barriers can improve the movement of goods across borders.


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