Economy

Arun Jaitley calls for open borders, terms it ‘an economic imperative of our times’

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Finance Minister of India Arun Jaitley Monday stated, at the 80th World Customs Organisation Policy Commissionerate meeting through a video link, that barriers to free trade should be dismantled and called for open borders, PTI reported. He said that trading across the boundaries of the country is an “economic imperative of our times”.

“Trading across borders is an economic imperative of our times and this is going to increase with the times to come,” Jaitley said.

“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.

He said 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, therefore the need for open trade.

Nations across the world are now realizing that increased trade helps not just the global economy but also its own economy, he stated.

He also affirmed the government of India’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.

His comments come at a time when the US took a few steps against select goods to address its trade balance with select countries, including a few items like steel from the country.

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