Commerce & Industry Minister Piyush Goyal has proposed an Indo-Pacific wide services trade agreement amongst friendly nations and more measures to improve trade facilitation for easing cross-border movement of goods to bolster trade and growth in the region.

“Given the prospects of services trade, an Indo-Pacific wide services trade agreement should also be considered amongst friendly nations. It can help liberalise domestic regulations and build capacity on e-commerce and IT-enabled services and other areas such as Artificial Intelligence,” he said delivering the keynote address at the CII’s Special Plenary with the Trade Ministers in the Indo-Pacific region.

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The Minister pointed out that the abundance of trade agreements in Indo-Pacific has led to a decline in tariff rates over time but non-tariff measures continue to act as a major trade barrier in the region.

Trade facilitation can ease cross-border movement of goods, he said, adding that India had taken several measures, resulting in the simplification and rationalisation of many existing rules and regulations.

On the supply chain resilience initiative launched in September 2020 by Trade Ministers from India, Australia and Japan, Goyal said it was a firm step towards building resilient supply chains and other friendly countries may also be included in it.

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Goyal also invited businesses of the region to avail incentives under India’s Production-linked Investment Schemes, which cover 13 sectors and aim at creating global manufacturing champions. He also highlighted the measures taken resulting in the simplification and rationalisation of many existing rules & regulations.

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