Brasilia, Brazil (NVI): India today blamed the developed countries for the increasing phenomenon of protectionism in the form of Non-Tariff Barriers (NTBs) which it said was denying market access to enterprises from the developing countries.
“Developed countries advocate open and free trade with emphasis on removal of tariffs in developing countries but they themselves are raising more barriers in the form of NTBs that are leading to economic uncertainties and raising the cost of doing trade in developing and Least Developed Countries (LDCs),” said Union Minister of Commerce and Industry & Railways Piyush Goyal at the BRICS Trade Ministers meeting that concluded here today.
The global economy is facing grave challenges due to growing protectionism and trade tensions due to unilateral measures said the Minister in his address at the session on International Economic Outlook.
A Memorandum of Understanding (MoU) amongst BRICS Trade and Investment Promotion Agencies was also signed at the meeting. The meeting concluded with issuance of a joint communique that reflected the BRICS resolve towards an open, fair, transparent and inclusive multilateral trading system.
Commerce and Industry Minister urged the BRICS countries that comprise Brazil, Russia, India, China and South Africa, to again focus on trade as a catalyst for development, poverty alleviation and job creation.
BRICS countries accounted for 25 percent of the world’s GDP, 50 percent of the world’s population and around 20 percent of global merchandise trade in 2018.