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Piyush Goyal addresses 10th BRICS trade ministers virtual meeting, calls nations to build trust and transparency in trade

Piyush Goyal in the 10th BRICS trade ministers virtual meeting highlighted the significance of trust and transparency in trade which will determine the sustainability of the global supply chains.

Jul 24, 2020 14:16 IST
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The Union Commerce and Industry Minister, Piyush Goyal on July 23 addressed the 10th BRICS trade ministers virtual meeting. In his address, he mentioned the nations who trust each other are coming together to build global supply chains.

In his virtual address, the union minister highlighted that amid the global crisis, it is trust and transparency which will determine the sustainability of the global supply chains.

BRICS is the association of five major emerging economies of the world- Russia, Brazil, India, South Africa, and China. The 10th virtual meet of the trade ministers aimed at calling the BRICS nations to stand in solidarity with each other amid the crisis.

Trade’s significant role in the recovery process:

The Union Minister while addressing the virtual meet asserted the role of global trade and its part in the recovery process post-COVID-19. While highlighting that, he added that to make it successful, all the partners must be trustworthy and transparent and must demonstrate their compliance with the global rules of trade to remain a part of global trade flow.

During the 10th BRICS trade ministers virtual meet, he also talked about how the ongoing crisis, has exposed the world o vulnerabilities and has forced each other to explore the ways of supporting each in the difficult times.

While mentioning that he cannot overemphasize the role of all the nations in enhancing the transparency in their trade, the union minister also acknowledged the nations who have been coming together to build global supply chains with corresponding investments in services and manufacturing.

Other discussions during the virtual meet:

The BRICS Trade Ministers during the 10th virtual meeting also discussed about the various responses to the COVID-19 pandemic crisis all over the world.

Along with it, strategy for the BRICS Economic Partnership 2025, multilateral trading system, and other key areas of cooperation was also discussed.

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