Union Minister Piyush Goyal calls for all nations to enhance transparency in their trade

Commerce and Industry Minister Piyush Goyal has called for all nations to enhance transparency in their trade and build trust to prevent losing their role as a preeminent trade partner.

While addressing the 10th BRICS Trade Ministers virtual Meeting yesterday, Mr Goyal said, 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 in a tweet yesterday said, "Attended 10th Meeting of BRICS Trade Ministers, virtually, & highlighted increasing cooperation amongst BRICS countries to enhance multilateralism. Emphasised augmentation of transparency, trust & compliance with rules of fair trade to maintain sustainable global supply chains."

The Minister said that the ongoing crisis has exposed the world to vulnerabilities, forcing us to explore ways to support each other.

He said that Trade can be an engine of reviving growth in such a scenario.

Mr Goyal called for removing multiple hurdles in access to medicines at affordable prices created by the WTO rules for protecting intellectual property.

He said that intellectual property rights should not block access to critical medicines and other devices required for the treatment of the disease.