G-20 and RCEP will redefine contours of Indian, global economy, says Ansari

Batting for advanced and emerging economies working in tandem to prepare a roadmap for global recovery, Vice-President Hamid Ansari on Sunday said partnerships would redefine the contours of the Indian economy.

Delivering the inaugural address at the Global Partnership Summit-2013 here, organised by the CII, Mr. Ansari said the emerging economies leveraged each other’s strengths and comparative advantages to create a new economic world order.

“Partnerships, such as the G-20, whose member countries account for two-thirds of the world’s population, 90 per cent of world’s GDP and 80 per cent of world trade; and the recently launched Regional Comprehensive Economic Partnership (RCEP) — a group of 16 countries comprising ASEAN member-states and six countries with which they have free trade agreements — will redefine the contours of the global economy,” he said. The audience comprised trade ministers, diplomats and CEOs who descended here for the annual summit.

The RCEP is an ASEAN-led trade agreement, linking the economies of 16 Asia-Pacific countries.

The grouping, which includes more than 3 billion people, has a combined GDP of about $17 trillion and accounts for about 40 per cent of world trade.

Mr. Ansari said the global market place would change with the formation of new trading blocks and enlarged markets and companies must gear themselves to meet the new requirements.

“Innovation and creativity will play an important role in reviving growth, especially in emerging economies that often struggle with limited resources and dated technology,” he said.

Restore trajectory

He said the challenge before India was to restore as soon as possible the high growth trajectory, along with adequate employment generation, in a sustainable and inclusive manner.

This would be the necessary condition for addressing the primary challenges of poverty alleviation and socio-economic development confronting us.

“As the new economic order emerges and the weight of the global economy moves towards Asia, I invite countries from across the globe to partner with India so that we move together towards a better economic future for all our people,” he concluded.