Finance Minister Arun Jaitley on Monday stressed on the need for trade facilitation and said open borders are “an economic imperative of our times”.
“Trading across barriers of nations is an economic imperative of our times, which is going to increase in times to come. Further, increase in trade itself gives an impetus to global as well as national economies,” Jaitley said in his opening address at the 80 Session of Policy Commission of World Customs Organization.
His comments come at a time when there are increasing concerns over protectionism and trade wars between countries like the US and China.
“It is in the larger interest of every country to ensure that trade barriers are brought down and trade facilitation is done to the largest extent possible, within the domestic legal framework,” Jaitley said, adding that trade barriers impact on transactional costs, takes away competitiveness. “Domestic economies start suffering,” he said.
As no country can manufacture all goods and services, the larger interest of consumers also dominates global trade as they are entitled to the best and cost-effective goods and services, he said.
Jaitley also said India has been working on several trade facilitation measures, which has helped improve its ranking in the ‘Ease of Doing Business Report’ to 77, from 142.
He observed that India’s ranking in the parameter “Trading across Borders” has improved greatly, from 146 to 80 in one year.
The Minister said India is investing in infrastructure, using technology to the best extent possible, and is willing to adopt global best practices.