Trade bodies address ‘Strategies and Preparedness for trade and Globalisation in India’

Tuesday, October 19, 2010

New Delhi, Oct.19 (ANI): World Trade Organsiation (WTO), United Nations Conference on Trade and Development and Federation of Indian Chambers of Commerce and Industry (FICCI) came together at a conference here on Tuesday to address ‘Strategies and Preparedness for trade and Globalisation in India’.

The Senior Economic Affairs Officer of the United Nations Conference on Trade And Development, Bonapas Onguglo, said they have been working with India on a project trade and globalisation.

“India is in a stage of evolution. An evolution from being both an aid recipient and moving towards an aid donor in terms of trade related capacity building and I think, the UNTAD, the United Nations Conference on Trade and development has been involved in both dimensions in terms of this evolution,” said Onguglo.

“We have been working with India on a project on trade and globalisation in assisting India in looking at pro poor dimensions of globalisation and how trade can be utilised to enhance development but development that is directed at pro poor improvements,” he added.

Underlining the importance for aid for trade programme, R.S Ratna, professor at the center for WTO studies commented on the dual role of India as both the recipient for the aid and also, the donor, as a developing country.

“We have felt that aid for trade is very important so far as India is concerned because of two aspects one that India is being a developing country is also a recipient for the aid for trade initiative and at the same time given its commitment towards building or helping other developing countries including the LDC’s, to help their mainstream and reach their developmental objectives. And therefore, India is doing lot of activities in building capacity, in providing technical assistance in building infrastructure,” said Ratna.

Joint Secretary of Ministry of Commerce and Industry Amar Sinha said this programme provides opportunities for Indian business as well as to the countries India extends assistance.

“There are countries where India is particularly focused our own neighbourhood, all the LDC’s, Africa in particular where India would like the business community to look closely because not only we are engaging them through trade, we also engaging them through huge market access through our duty free tariff preferences,” said Sinha.

“We would hope our business could leverage and the beneficiary countries could leverage actually the access to Indian markets to attract Indian investments and that is where the aid for trade and all the assistance would have permanent beneficial results,” he added.

India is expected to increase credit lines to Africa to 5.4 billion dollars by 2012 from the current 2.15 billion dollars. (ANI)

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