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Published from Chennai and Circulated among the trade across the country RNI TNENG/2014/59741
Wednesday, September 2, 2020
8 Pages
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Piyush Goyal Calls for Taking India, Australia, Japan Affirm Indo-US trade To Greater Heights Supply Chains Resilience for Stable Trade and Investment Environment T keeping their markets open. In light of the COVID-19 crisis and the recent global-scale changes in the economic and technological landscape, the Ministers underscored the necessity and potential to enhance the resiliency of supply chains in the Indo-Pacific region. Recognizing the pressing need for regional cooperation on supply
New Delhi Port Wings News Network ndia’s Minister of Commerce and Industry, Shri Piyush Goyal, Australia’s Minister for Trade, Tourism and Investment, Senator Mr Simon Birmingham, and Japan’s Minister of Economy, Trade and Industry, Mr Kajiyama Hiroshi held a ministerial video conference on 1 September.
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The Ministers reaffirmed their determination to take a lead in delivering a free, fair, inclusive, non-discriminatory, transparent, predictable and stable trade and investment environment and in
chain resilience in the Indo- Pacific, the Ministers shared their intention to work toward the launch of a new initiative to achieve the objective through cooperation. They instructed their officials to promptly work out
the details of the new initiative for its launch later this year. The Ministers noted the important role of business and academia in realizing the objective. The Ministers called for other countries in the region, which share the afore-mentioned views, to participate in the initiative. Addressing the Trilateral meeting, Shri Piyush Goyal said that the initiative could not have come at a more opportune time in the post COVID scenario when there is a likelihood of rechurning of supply chains in the Indo-Pacific region and it is incumbent upon us to take the initiative. He said that in May 2020, Hon’ble Prime Minister of India had stressed that it is the need of the hour that India should play a big role in the supply chains. On the initiative itself, Shri Contd. on page -2
New Delhi Port Wings News Network he Commerce and Industry Minister Shri Piyush Goyal has invited the US business and industry to work with their Indian counterparts to take the bilateral trade to greater heights. Addressing the US-India Strategic Partnership Forum (USISPF) through a virtual conference on 1 September, Shri Goyal said that the two democracies share deep commitment with each other, at the Government, Business and people to people levels. Goyal stated: "Both countries believe in free and fair trade, and the US is India’s largest trading partner. He said that going beyond the trade, in this interconnected world, the two nations can be the resilient trusted partners in global value chain." Shri Goyal outlined to the members of USISPF about the steps being undertaken in the country, to facilitate industry and investments. He said that GIS-enabled land bank has been launched on pilot basis, with six states on board, which will
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help the investors in identifying the land and location. The Minister also mentioned about the single-window system for clearances, which is being developed in cooperation with various approving authorities and agencies at the Central, State and
Municipal levels. On the issue of trade agreement between the US and India, Shri Goyal said India is ready to sign initial limited trade package, and it is upto the US to move ahead. Shri Goyal said that the road ahead has challenges but also a number of opportunities. He said that economic activity in the country had suffered due to pandemic but there have been indications of sharp revivals. Talking about the amount of freight carried by the Indian railways, he said that it is 4% more in August 2020 than the corresponding period of 2019. Similarly, the exports which had reached 88% in July’20 compared to July’19, the momentum has gained further speed, and the August figures, which are being Contd. on page -2
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