Countries must show their compliance with global trade rules to remain part of trade flow: Piyush Goyal
Commerce and Industry Minister Piyush Goyal said on Thursday that nations which trust each other are increasingly coming together to build global supply chains and it is trust and transparency which determine the sustainability of global supply chains.
Addressing the 10th BRICS Trade Ministers virtual meeting on Thursday, Mr Goyal said countries must demonstrate their compliance with global rules of trade to remain a part of global trade flow.
He said for trade to play its part in the recovery process, all the partners must be trustworthy and transparent.
"For trade to play its part in the recovery process, all the partners must be trustworthy and transparent. It is trust and transparency which determine the sustainability of global supply chains and nations must demonstrate their compliance with global rules of trade to remain a part of global trade flow," Mr Goyal said.
"Increasingly nations which trust each other are coming together to build global supply chains with corresponding investments in manufacturing and services," he added.
The minister said he cannot over emphasise the need for all nations to enhance transparency in their trade and build trust to prevent losing their role as a preeminent trade partner.
The BRICS Trade ministers discussed responses to the coronavirus crisis, strategy for BRICS Economic Partnership 2025, multilateral trading system and other key areas of cooperation.
BRICS is the association of the five major emerging economies - Brazil, Russia, India, China and South Africa.