Piyush Goyal calls Indo-Pacific region 'new economic centre of gravity'

Inviting the business community to actively participate in efforts to boost development, trade and growth in the Indo-Pacific region, Commerce and Industry Minister Piyush Goyal described it as the new economic centre of gravity of the globalised world.
On Wednesday, Goyal gave the keynote address at the CII's Special Plenary with the Indo-Pacific Trade Ministers on "Developing a Road Map for Shared Prosperity," saying that India's track record should give countries confidence that it will be their "natural" and "most reliable ally in years to come."

'New economic centre of gravity': Piyush Goyal

Goyal said, "We talk of shared prosperity we must remember that shared prosperity is impossible without shared commitment". He explained that it is a commitment that includes sharing problems, opportunities, risks, and rewards.

In response to the COVID-19 epidemic, he stated that despite the pandemic's misery, there is a silver lining: a developing feeling of brotherhood across nations to support one another. He emphasised that more than anything else, the spirit of brotherhood has established a solid basis "on which we have a chance to build promising partnerships."

Prime Minister Narendra Modi's vision for the Indo-Pacific was summed up in one word in 2015, SAGAR, (Security And Growth of All in the Region) as stated by Goyal. It must serve as a guiding principle for all nations in the region, he said, because a secure and stable Indo-Pacific region equals peace and prosperity for everyone.

Yoon Sung Roh, Chairman of the Presidential Committee of the Republic of Korea; Betty C. Maina, Cabinet Secretary, Ministry of Industrialisation, Trade and Enterprise Development, Republic of Kenya; and Thani Ahmed Al Zeyoudi, Minister of State for Foreign Trade and Minister in Charge of Talent Attraction and Retention, United Arab Emirates, were among those who attended the event.

Ministers of Commerce, Trade, Tourism, and Transport of the Republic of Fiji, Faiyaz Siddiq Koya, and Bandula Gunawardana, Minister of Trade of the Republic of Sri Lanka, also spoke at the event.

During his speech, Goyal stated that the Indo-Pacific region is where the world looks for resilient supply chains.

As the globe shifts away from over-concentrated and dangerous supply chains, he told them that India will give a diverse range of investment and industrial options.

India supports the principle of having a transparent, trustworthy, dependable, and reliable supply chain, he said. He also added that more friendly countries may be included in the Supply Chain Resilience Initiative, which was established in September 2020 as a decisive move toward developing resilient supply chains.

According to Goyal, the Indo-wealth Pacific's trade agreements has resulted in a decrease in tariff rates over time. Non-tariff barriers, on the other hand, are a big trade hurdle in the region, according to him. The movement of goods across borders can be made easier using trade facilitation.

Going through India's strengths, Goyal stated that no supply chain was permitted to be affected even during the early months of the pandemic when the country was under lockdown.

In the IT industry, it was ensured that the country satisfied all of its international service commitments. He added, “Our track record should give confidence to our friends that India will be their natural and most reliable ally in years to come”.

Goyal, speaking on "Aatmnirbhar Bharat" (Self-Reliant India), stated that India is at a critical moment in which it must build its own destiny and that of its 130 billion people. He stated that Aatmnirbhar Bharat is about engaging with the world with a competitive spirit and from a position of strength, rather than gazing inward.