India reaffirmed its determination to take lead in delivering a free, fair, inclusive and stable trade environment along with partner countries Australia and Japan. In a meeting between the Trade and Commerce Ministers of the three countries held today through video conferencing, they pledged to promote non-discriminatory, transparent, and stable investment environments in addition to keeping their markets open.
Recognizing the pressing need for regional cooperation on supply chain resilience in the Indo-Pacific, the Ministers shared their intention to work towards the launch of a new initiative to achieve the objective through cooperation.
Addressing the Trilateral meeting, Union Commerce and Industry Minister Mr. Piyush Goyal said that the initiative has come up at the most opportune time. He said, in light of the post COVID scenario, there is a likelihood of rechurning of supply chains in the Indo-Pacific region. Mr. Goyal asserted that India wholeheartedly endorses the broad concept of working towards ensuring a trustworthy, dependable and reliable supply chain in the Indo-Pacific.
Talking about India’s economic expansion in terms of Atmanirbhar Bharat, the Minister said, the policy seeks to make India economically stronger with enhanced capacities ensuring resiliency of supply chains. He said that India, in its tradition of treating the world as a family, played a crucial role during the COVID crisis with the export measures for supply of critical medical products to ensure equitable distribution.
Australia’s Minister for Trade and Investment, Mr. Simon Birmingham, and Japan’s Minister of Economy, Trade and Industry, Mr. Kajiyama Hiroshi attended the meeting along with senior officials from all the three countries.
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