Goyal expresses concern over under-invoicing, non-tariff barriers

India has expressed concerns over mispricing, under-invoicing, and the imposition of non-tariff barriers by certain countries as they impact international trade. These issues were flagged by Commerce and Industry Minister Piyush Goyal during the 13th BRICS Trade Ministers’ Meeting held on Monday.
“The minister expressed his concern about the negative impact trade mispricing and under-invoicing have on economies,” the commerce ministry said in a statement. In the meeting, Goyal stressed building trust among each other and expressed strong belief in small, achievable, incremental steps towards WTO (World Trade Organisation) reform. He said the collective efforts of all the member countries are required to work in a trust-based, open atmosphere through transparency and sharing information. “In this context, he expressed disappointment that even within the BRICS membership, a few members had expressed concerns about transparency,” the statement said. According to the statement, there are concerted efforts to bring in non-tariff barriers through the use of non-science-based sanitary and phytosanitary measures to stall the collective efforts of the BRICS countries, which is the core of collaborative efforts for trade.