NewzVille Desk
The Union Minister of Commerce and Industry Piyush Goyal today underlined the need for member and partner countries to build deeper, more resilient and balanced trade partnerships. Addressing the Opening Session of the BRICS Business Forum in New Delhi, Goyal emphasised greater market access, diversified supply chains and simpler regulatory procedures to unlock the full potential of economic cooperation.
He expressed hope that the Forum would deliver significant outcomes and take economic dialogue and business partnerships among BRICS countries to the next level.
The Opening Session was also addressed by Maxim Reshetnikov, Minister of Economic Development of the Russian Federation; Union Minister of External Affairs Dr. S. Jaishankar; Minister of State for Ministry of Commerce & Industry and Ministry of Electronics & Information Technology Jitin Prasada; and Commerce Secretary Rajesh Agrawal.
Goyal said India is an important pillar of intra-BRICS trade and highlighted the country’s strong capabilities in engineering goods and electronics, which account for the largest segment of India’s manufactured exports.
He also noted that India is known as the pharmacy of the world. He said India sees BRICS as an important market for these and other products that it seeks to take to the world as a trusted partner.
Emphasising the importance of deep and resilient trade among partners, Goyal said supply chains must be diversified and trade should not become an impediment to growth and the well-being of people in any member state.
He called upon BRICS countries to open their markets for each other’s products, including raw materials and critical minerals.
Goyal said supply chains would be resilient when they run both ways. Noting that non-tariff measures impose higher export costs than tariffs themselves for 88 per cent of countries, he called for easier and smoother market access.
He urged BRICS member and partner countries to open their markets while working together to simplify regulatory procedures and facilitate faster clearance of consignments.
Calling for greater cooperation in agriculture, Goyal urged BRICS countries to encourage agri-tech startups to jointly develop solutions for farmers across BRICS nations in the interest of food security.
He also called upon countries to open their services markets to each other in a real sense, facilitate the movement of professionals across borders and make it easier to recognise each other’s professional qualifications.
