India urges East Asian nations to lower non-tariff barriers to trade

What is the news? 

India has raised concerns over restrictive measures faced by Indian Agri exporters, at the 9th East Asia Summit – Economic Ministers’ Meeting. 

India highlighted that proliferation of trade agreements in Indo-Pacific region has led to a decline in tariff rates over time, but non-tariff measures act as a major trade barrier in the region.

There is a need for fair, transparent, reciprocal and inclusive trade which promotes the interest of all. 

Why restrictions should be lifted? 

In this time of Covid-19, when there is already supply chain disruptions, restrictive barriers created by certain countries have increased the difficulties for nations.

Facilitating exports of essential goods and food products are important for food security and wellbeing of people. 

What course of action has India proposed? 

India is willing to collaborate with East Asian partners in the production of generic drugs as well as vaccines used against covid-19. International collaboration will help to work together against the covid-19 pandemic to keep everyone safe.  

India also proposed for TRIPS waiver on vaccines, therapeutics and diagnostics. As per World Trade Organisation (WTO), strong monetary and fiscal policies introduced by many governments in response to pandemic helped to sustain the global demand and trade.

Hence, global and equitable vaccine roll-out is a prerequisite for the strong and sustained global recovery.  

Source: This post is based on the article ” India urges East Asian nations to lower non-tariff barriers to trade ” published in the Livemint on 16th September 2021.