Focus on auto components, textiles and drugs industry sectors
BANGALORE: Globalisation must offer sustained economic growth, provide employment and extend its gains to all sections of society. With these expectations, the Confederation of Indian Industry (CII) has decided to commission a study that will analyse the impact of globalisation on Indian industry in three sectors: auto components, textiles, and drugs and pharmaceuticals.
Disclosing this to presspersons on the sidelines of the CII's `Partnership Summit 2007' here on Thursday, R. Seshasayee, President, CII, said that in empirical terms globalisation should deliver results both to India and the people. The research study, which would enable CII to prepare Indian industry to equip itself for the next wave of growth in the global arena, and also offer course corrections in India's model of globalisation, was expected to be ready within the next 12 months. "We can always re-engineer our globalisation model. It is not a piece of frozen architecture."
Stating that the CII was firmly behind multilateral trade agreements like the World Trade Organisation (WTO), Mr. Seshasayee said the CII would, "through counterpart organisations, lobbies and interest groups" take steps to make the WTO effective.
"Trade agreements are not moving beyond the legal agreements" he said. The CII would work closely with the Government providing inputs and backup that would strengthen the framework of the WTO.
Explaining that the CII was also for strengthening bilateral trade, Mr. Seshasayee said the bilateral framework agreement between the European Union and India, which should have happened within the stipulated 12-month timeframe, should be concluded at the earliest possibility.
Mr. Seshasayee also called for a programme rollout for a bilateral trade agreement between India and the Gulf region.
The European Bank for Reconstruction and Development (EBRD) and the Confederation of Indian Industry (CII) signed a memorandum of understanding (MoU) whereby EBRD will lend its experience and expertise to CII for exploring opportunities in Central and Eastern Europe, Commonwealth of Independent States and Mongolia. CII will promote EBRD products and services to the Confederation members.