08:56 PM IST
Sending out a strong message against protectionism, Prime Minister Narendra Modi today said solutions cannot be found behind walls of protection and asserted that India stands for an open and stable international trade regime.
In his keynote address at the Shangri-La Dialogue here, Modi said there was growing protectionism in the goods and services sector.
"Solutions cannot be found behind walls of protection, but in embracing change. What we seek is a level-playing field for all. India stands for open and stable international trade regime," he said.
India will support a rule-based, open, balanced and stable trade environment in the Indo-Pacific region, which lifts up all nations on the tide of trade and investment, Modi said.
"That is what we expect from Regional Comprehensive Economic Partnership. RCEP must be comprehensive, as the name suggests, and the principles declared. It must have a balance among trade, investment and services," the prime minister said.
RCEP is a proposed free trade agreement (FTA) between the ten member states of ASEAN nations and the six states with which ASEAN has existing free trade agreements -- Australia, China, India, Japan, South Korea and New Zealand.
Modi, in his address, said, "We will promote a democratic and rules-based international order, in which all nations, small and large, thrive as equal and sovereign." Modi had also sent out a strong message against protectionism and inward-focused economic policies at the World Economic Forum (WEF) earlier this year in Davos when he had said such tendencies can be as dangerous as terrorism and climate change.
In his address today, Modi also asserted that India would sustain a growth of 7.5 to 8 per cent per year.
"As our economy grows, our global and regional integration will increase. A nation of over 800 million youth knows that their future will be secured not just by the scale of India's economy, but also by the depth of global engagement," he added.
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)
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
)
Power of Rs 1,50,000 PPF Investment: How many years will it take to generate Rs 85,000/month tax-free income from Public Provident Fund?
)
Special FDs for Senior Citizens: SBI, BoB, Indian Bank offer up to 7.60% on 444-day deposits—Check returns on Rs 9.5 lakh investment
)
Power of Rs 3,00,000 Lump Sum: In how many years can you generate Rs 1 crore corpus with one-time investment of Rs 3 lakh?
)
Top 6 Mutual Funds With up to 47% SIP Return in 6 Months: No. 1 fund turned Rs 33,333 monthly investment into Rs 2.33 lakh in half year
)
7 Stocks to buy for long term: Analysts recommend 6 largecap, 1 smallcap scrips; Persistent Systems, Dalmia Bharat on the list
)
Rs 7,00,000 One-time Investment in Mutual Funds: How many years can it take to create Rs 1,00,00,000-Rs 4,00,00,000 corpus at a given rate?
)
8th Pay Commission Pension Calculations: Is your pension Rs 17,650, Rs 20,800, Rs 31,100, or Rs 38,950? Know your estimated revised pension at 1.95, 2.25, and 2.45 fitment factors
08:56 PM IST