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Cutting trade barriers imperative for all nations: Jaitley
Mumbai, Dec 3 (IANS) Union Finance Minister Arun Jaitley on Monday said trading across borders has become an “economic imperative of our times” and it is in every nation’s interest to bring down the trade barriers for the global economy.
“No nation can produce all products. It cannot specialise in all forms of services and therefore trading across barriers of nations is an economic imperative of our times and this is going to increase with times to come,” Jaitley said at an event here.
Addressing the 80th Session of the Policy Commission of the World Customs Organisation (WCO) through video conference, he said nations have realised that increase in trade gives impetus to the global economy as he advocated free trade.
“It is in the larger interest of every country to make sure that trade barriers are brought down to the extent possible,” he said at a time when protectionism is on the rise fuelled by the trade war initiated by the US against China and with the latter’s retaliation.
Jaitley said trade barriers have a significant impact on transactional costs for all transactions and any delay either due to lack of infrastructure or on account of terms and procedures adds to the cost thereby taking away the competitiveness of that trade.
“Domestic economy itself starts suffering and therefore it is in the larger interest of each economy globally to make sure that trading across customs, trade barriers of nations is facilitated to the largest extent possible,” he said.
He said countries have invested a lot in improving upon infrastructure including ports, airports and roads, and that India has been in the forefront of increasing its own capacities.
“This is reflected from the fact that in the last four years our ranking in World Bank’s Ease of Doing Business has moved from 142 to 77, a record movement of 65 position. On facilitating global trade, India’s rank has improved from 140 to 80 among 190 countries.
“India remains committed as far as improvements in trade facilitations and facilitating trading across barriers is concerned,” he said.
He expressed hope that the three-day 80th Session of the Policy Commission will be of great utility for facilitating global trade.
Hosted by the Central Board of Indirect Taxes and Customs, the session on various topics including trade facilitation is being attended by delegates from 33 countries.
–IANS
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Dr. Abhishek Verma Dedicates a Shelter in Memory of His Mother, Veena Verma, at KGMU; Inaugurated by Daughter Nicolle Verma
World-renowned business tycoon Dr. Abhishek Verma has supported Foodman Vishal Singh’s Hunger-Free World mission. In memory of his mother, Late Veena Verma, who was a 3 term Rajya Sabha MP.
Dr. Verma dedicated a state-of-the-art free permanent shelter for the attendants of patients at KGMU Medical University, Lucknow, under the aegis of Vijay Shree Foundation. His daughter, Nicolle Verma, inaugurated the shelter.
During the event, Foodman Vishal Singh honored Nicolle Verma by presenting her with a memento. Mrs. Nidhi Sharma and Avantika Yadav, associated with the organization, welcomed her with garlands. Following this, Nicolle Verma distributed essential items to the attendants and also handed out fruits. She became emotional remembering her grandmother on her birth anniversary.
On this occasion, she also inaugurated the “Veena Verma Sevalaya” in memory of her grandmother, Veena Verma, to serve the attendants. She expressed, “I feel proud that my family is engaged in nation-building as well as social service. Today, in collaboration with Vijay Shree Foundation founder Foodman Vishal Singh Ji, I feel immensely proud to dedicate this shelter for the poor, helpless, and needy attendants of patients battling serious illnesses like cancer. I am honored to be associated with the Hunger-Free World Mission for humanity.”
Inspired by the continuous humanitarian service provided by Vijay Shree Foundation over the past 17 years, Nicolle Verma donated 10 lakh rupees to support the cause. The purpose of this donation is to ensure that services continue for the needy attendants of patients suffering from severe illnesses in hospitals, as facilitated by Foodman Vishal Singh.
It is noteworthy that Dr. Abhishek Verma’s family has a legacy of public and philanthropic service. They are helping millions to carry forward the values and service work of their parents. On the occasion of his mother’s birth anniversary, Dr. Abhishek Verma dedicated this state-of-the-art permanent shelter at Lucknow Medical College to serve the attendants of patients through the Vijay Shree Foundation.
Supporting Foodman Vishal Singh’s Hunger-Free World mission, Dr. Abhishek Verma assured that he would continually support keeping this flame of humanity alive. He also promised to assist in providing medicines to the helpless patients.
Continuing her grandmother’s legacy of service, Nicolle Verma personally served food to the needy patients and attendants. She said, “It is our good fortune to have received the joy of doing this noble work today through Foodman Vishal Singh. I have taken another step forward in carrying my family’s values and cooperation by joining hands with the Vijay Shree Foundation. My father taught me to serve and help the needy, and I feel happy when I bring a smile to someone’s face.”
On the birth anniversary of the late Veena Verma, the event organizer, Vijay Shree Foundation founder Foodman Vishal Singh, said, “We feel proud and happy that Dr. Abhishek Verma, a globally renowned business tycoon, has extended his support to uplift our country from the hunger index. Today, on his mother’s birth anniversary, he inaugurated a state-of-the-art permanent shelter at Lucknow Medical College, which will always be helpful for the needy attendants of patients. It is a pleasure for me and the organization to receive the affection of Mr. Verma.”
The event was attended by General Manager Verma Family Office Hemant Garg, Sonu Rajput, and the organization’s volunteers, including Sandeep Singh, Parmeshwar Ji, Prashant Rao Gautam, Balram Singh, Ramesh Chaudhary, Suman, Jeetu, Anil, Suraj, Vinay, Manish Bhadauria, Manas Mehrotra, Vivek, Apurv, Happy, and others.