The Centre on Wednesday assured the Indo-Pacific region that it can trust India in terms of getting access to investment and manufacturing opportunities, as the world moves to realign from over concentrated and risky supply chains.
Addressing trade ministers from the region while delivering a keynote address at the Confederation of Indian Industry’s (CII) special plenary, Commerce Minister Piyush Goyal said that India endorses the concept of providing reliable and resilient supply chain.
To ensure this Mr Goyal said that the Indian Government had launched the Supply Chain Resilience Initiative launched in September 2020.
The Commerce Minister said that the abundance of trade agreements in the Indo-Pacific region has led to a decline in tariff rates over time. He however added that non-tariff measures act as a major trade barrier in the region. Trade facilitation can ease cross-border movement of goods, Mr Goyal added.
He claimed that even during the initial months of the pandemic when the country was in lockdown, no supply chain was allowed to be disrupted. It was ensured that the country met all its international service commitments in the information technology (IT) sector.
“Our track record should give confidence to our friends that India will be their natural and most reliable ally in years to come,” Mr Goyal said during his speech.