Arun Jaitley: Open borders an imperative of present times
Union Finance Minister Arun Jaitley Monday called for open borders, saying trading across national boundaries is an "economic imperative of our times" and that barriers to free trade should be dismantled.
Union Finance Minister Arun Jaitley Monday called for open borders, saying trading across national boundaries is an "economic imperative of our times" and that barriers to free trade should be dismantled.
The comments come amid growing concerns over tariff wars across the world, especially after the US initiated a slew of actions against select goods to address its trade balance with select countries, including a few items like steel from the country.
"Trading across borders is an economic imperative of our times and this is going to increase with the times to come," Jaitley said at the 80th World Customs Organisation Policy Commissionerate meeting here through a video link.
"It is in the larger interest of every country to make sure that trade barriers are brought down to the extent it is possible," he said.
The minister said no country can manufacture all goods or specialise in rendering all services which are needed by consumers wanting the best quality at the lowest prices, therefore the need for open trade.
Nations across the world are now realising that increased trade helps not just the global economy but also its own economy, he noted.
He also affirmed the Centre's commitment to improving trade facilitation across borders and also adopt the best practices across the world.
Jaitley said the steps taken by the government have helped in massive improvement in the ranking in trade across borders to 80 this year, from 146 earlier.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
If you make RDs of Rs 5,000, Rs 10,000, Rs 15,000, and Rs 20,000 in post office, what will be your maturity amount?
Special Live Trading Session on Saturday: Know why BSE, NSE will remain open on May 18; check timings
RCB vs CSK IPL 2024 Ticket Booking Online: Where and how to buy RCB vs CSK tickets online - Check IPL Match 68 ticket price, other details
Women loco pilots speak about their struggle; many men have to be informed even for 'washroom break' in a moving train
Bandhan Bank Q4 FY24 Results Preview: PAT, interest income likely to grow in almost double digits; asset quality may improve
08:01 PM IST