Jaitley calls for dismantling trade barriers for faster economic growth
Union Finance Minister Arun Jaitley today called for open borders, saying trading across national boundaries is an "economic imperative of our times" and that barriers to free trade should be dismantled. The comments come amid growing concerns over tariff wars across the world, especially after the US initiated a slew of actions against select goods to address its trade balance with select countries.
It's in the larger interest of every country, says Jaitley
"Trading across borders is an economic imperative of our times and this is going to increase with the times to come," Jaitley said at the 80th World Customs Organization Policy Commissionerate meeting in Mumbai through a video link. He further said, "It's in the larger interest of every country to make sure that trade barriers are brought down to the extent it is possible."
Jaitley emphasized how increased trading helps global, country's economy
The Finance Minister said no country can manufacture all goods or specialize in rendering all services, which are needed by consumers wanting the best quality at the lowest prices, therefore the need for open trade. Nations across the world are now realizing that increased trade helps not just the global economy but also its own economy, the 65-year-old BJP leader noted.
India's Ranking in trade across border reached 80 from 146
Jaitley also affirmed the Center's commitment to improving trade facilitation across borders and also adopt the best practices across the world. He said the government's steps have helped in massive improvement in the ranking in trade across borders to 80 this year, from 146 earlier.
