The collective response in times of crisis has demonstrated the power of partnerships on a global scale, whether it is challenge of climate change or of global trade agreement, nations must act in unison, Union Minister for Commerce and Industry Anand Sharma said here on Monday.
Expressing concern over the isolationism in the current global economic scenario, Mr. Anand said the immense opportunities of growth through free trade and economic partnerships had propelled nations to look for means of bringing down barriers. It was no longer an option for countries to stand back in isolation and to erect barriers around national boundaries.
The Union Minister was inaugurating the 17th Partnership Summit, 2011, organised by the Confederation of Indian Industry in partnership with the Department of Industrial Policy and Promotion, the Ministry of Commerce and Industry and the Government of Maharashtra here. Mr. Sharma highlighted the role of the developing nations in the changed scenario and said today more than half of the world's economic growth was coming from the developing countries and that the Emerging 7 would overtake the G-7. A successful completion of the Doha Development Round was expected to enhance global trade by $500 billion and create millions of new jobs across the world, said Mr. Sharma.
He further added that India was fully committed to the multilateral processes which would provide the foundations of greater openness for trade in a predictable manner.
Addressing the Partnership Summit, Maharashtra Chief Minister Prithviraj Chauhan said, “The world is emerging from an economic crisis which has opened up vast new opportunities for closer global partnerships in social and economic development and trade and investment between India and other countries.” Welcoming the delegates from across the world to Mumbai, he highlighted the factors that contributed to the attractiveness of Maharashtra as a global investment destination. Hage Geingob, Minister of Trade and Industry, Republic of Namibia, said, “Namibia was a young democracy open to business with India and invited Indian businesses to come and explore business opportunities with Namibia.”
