Nirmala Sitharaman
Finance Minister Nirmala Sitharaman said on Thursday that India needs to increase its bilateral relations for trade and investment, as there is upheaval in the world and bilateral relations seem to be the only most beneficial means. The Finance Minister said in a program that this is a very interesting but challenging time and the government is making all efforts to advance the country and make it a global growth engine. He said, “Bilateral relations are now on top of the agenda. We have to enhance our bilateral relations with many countries, not only for business, not only for investment, but also strategic relations. So polymorphism … to some extent, I am still calling it “to some extent”. But bilateral relations are the only beneficial you can use. ”
Need to re -erect multilateral institutions
The Finance Minister said that multilateral institutions are rapidly disappearing. Each attempt to re -erect and activate them is not getting desired results. He said, “Therefore, you have to pay attention to issues that affect many things beyond your own country. You no longer have any platform left that can work effectively. Multilateral institutions and their contribution probably seem to be disappearing in the near future, until they try to make them stand again with that kind of energy. This is not going to happen in the next few years. ”
Global trade is completely changing today
The Finance Minister said that global trade is completely changing today and the conditions and references with which we all used to do business, no such support (institution) is now available in the World Trade Organization. He said that there is no concept of the most preferred nation (MFN). Every country wants him to be treated specially. He said, “If the World Trade Organization is weakening or multilateral institutions have not been effective … then bilateral arrangements in the context of business will become day to day.”
India is doing work on these things
Given the moving steps towards a new world, India has launched bilateral trade talks with several countries including Britain and is planning a bilateral trade agreement with the US. India is also discussing the free trade agreement with the Group of 27 countries with the European Union. He said that in the new global system, India needs to increase its bilateral relations to promote trade, investment and strategic relations. Referring to the reforms, Sitharaman said that the government will continue to improve various fields including debt management and maintaining fiscal rationalism. He said, “Improvement cannot be the agenda of the central government only, it will have to be taken seriously by every state government. I want to have a healthy competition among the states, in which they can say that our economy is much better than others. ”
(PTI/Language)
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