Stressing on need for open borders, Union Finance Minister Arun Jaitley has said that trading across national boundaries is an economic imperative of the times and that barriers to free trade should be dismantled. His remarks come amid mounting worries 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.
The minister has stated that 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 pointed out that there is a need for open trade as no country can manufacture all goods or specialize in rendering all services which are needed by consumers wanting the best quality at the lowest prices.
Besides, Jaitley reiterated that nations across the world are now realising that increased trade helps not just the global economy but also its own economy. He also affirmed the Centre’s commitment to improving trade facilitation across borders and also adopt the best practices across the world. He added that 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.