'It is trust and transparency which determines 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,' Piyush Goyal said
For international trade to play its part in the recovery process post the coronavirus pandemic, all the partners must be trustworthy and transparent, trade minister Piyush Goyal on Thursday said at the virtual meeting of trade ministers of BRICS countries, implicitly taking potshots at China.
“It is trust and transparency which determines 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," Goyal said.
Prime minister Narendra Modi speaking at the USIBC event on Wednesday also emphasized on trust factor between partner countries. “The rise of India means a rise in trade opportunities with a nation that you can trust. A rise in global integration with increasing openness," he said, urging American investors to bet on India’s growth story.
Goyal said increasingly nations which trust each other are coming together to build global supply chains with corresponding investments in manufacturing and services. “I 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," he said without naming China.
The meeting organised by the host country Russia was also attended by trade ministers Maxim Reshetnikov of Russia, Roberto Fendt of Brazil, Zhong Shan of China and Ebrahim Patel of South Africa.
Official sources said if the BRICS trade ministers issue a joint ministerial communiqué, it will include support for a multilateral trade system, the WTO reform, countering unilateral restrictive measures, unlocking the potential of the digital economy, support for SMEs and the sustainable and inclusive development agenda. However, any major outcome is unlikely given the simmering border tension between India and China in Ladakh, which has resulted in loss 20 soldiers on the Indian side.