(FM)-Smt. Anupriya Patel, Minister of State for Commerce and Industry attended 9th EAS-EMM (East Asia Summit-Economic Ministers’ Meeting) on Wednesday via webinar.
Addressing the meeting, she said the World Trade Organisation (WTO) had observed that the strong monetary and fiscal policies introduced by many governments in response to pandemic helped to sustain the global demand and trade. Considering the encouraging trend, WTO had also revised its projection for global trade volume growth in 2021 to 8% compared to the 7% earlier.
But, new waves of infection could easily undermine any anticipated recovery. Global and equitable vaccine roll-out is a prerequisite for the strong and sustained global recovery. Despite numerous challenges & constraints, India has successfully administered over 740 million vaccine doses.
“Various immediate supportive actions taken by India, including the milestones reached in vaccination helped us to manage the pandemic crisis. We have learnt lessons, adapted our approach and fine-tuned our systems as we went along,” she said.
India recognizes that the international community has a collective responsibility to work together against the COVID-19 pandemic in the true spirit of partnership within existing international frameworks. India endorses the concept of working towards ensuring transparent, trustworthy, dependable & reliable supply chain. India is a part of the “Supply Chain Resilience Initiative” launched in September, 2020, as a firm step towards building resilient supply chains in the region.
She stated that India endorses the concept of working towards ensuring trustworthy and reliable supply chain. “I have very keenly listened to ERIA’s discussion on the value chains and post pandemic recovery in East Asia. Regional and global value chains are a core element of the economic strength of the EAS region. It is heartening to know from ERIA’s research work that the pandemic so far did not disrupt the production system and trade patterns in East Asia Region and the region maintained its importance in the World Trade Network,” the MoSsaid.
While acknowledging the progress achieved so far, India would like to emphasise the need to further strengthening the EAS work processes for appropriate coordinated responses to the pandemic, learning from each other’s best practices.