Finance Minister Arun Jaitley today said the global economy needs to cut down trade barriers. He was addressing the 80th Session of the Policy Commission of World Customs Organisation, WCO, in Mumbai through video conferencing.
Mr Jaitley also called for open borders, saying trading across national boundaries is an economic imperative of the times and that barriers to free trade should be dismantled.
He 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.
The comments come amid growing concerns over tariff wars across the world.
Mr Jaitley reiterated that nations across the world are now realising that increased trade helps not just the global economy but also it’s their economies. He also affirmed the Centre’s commitment to improving trade facilitation across borders and adopting the best practices across the world.