Payroll software company india, Payroll Software Solution India, payroll Solution Company India, Payroll Solution Company in India

India calls for deeper trade ties in Indian ocean region

MAURITIUS: India has pitched for reinvigorating a strategic grouping in the Indian Ocean region through deeper trade and economies ties and mooted creation of an institutional arrangement for business to business cooperation among the countries of the region.

"This region is important not just for itself but also for the world...We need to look at trade and investment now," commerce and industry minister Anand Sharma said here at the inaugural session of the Indian Ocean Rim Association for Regional Cooperation (IOR-ARC) Economic and Business Conference on Thursday.

This is the first meeting of the grouping that has seen participation of businesses from its 20 members, 17 years after it was formally launched. Industry supported Sharma's idea of a formal platform but wants governments of the group to undertake measures such as customs harmonisation, a clearance mechanism for conducting trade in local currencies and allowing exim banks to undertake bilateral confirmation of letter of credits. "There is a need for a formalising a formal platform for business to business exchange," said Ficci president Naina Lal Kidwai.

India, which took over as the chair of the organisation in November 2011, has been trying to re-energise the grouping that has so far been focussing on dealing strategic issues in the region such as combating piracy.

"It is important to take forward the momentum of our pan-Indian ocean regional cooperation to the next logical level by creating an institutionalised mechanism for an interaction of our businesses by defining areas of cooperation," Sharma said. Highlighting the importance of the regional grouping that has not yet been able to evolve into an economic and business alliance, Sharma said more than half of the world's cargo passed through this region and proposed enhanced business cooperation in the areas such as energy. "We have identified the key areas and our business leaders are keen to take it forward," Sharma said.

He said the deliberations of the two-day conference should be to initiate a dialogue for chartering the future roadmap for enhancing trade and investment. He said the region, as a whole, had managed to maintain a trade surplus in most years of the last decade even when key world economies had been impacted by contraction in their growth.

Sharma also sought relaxation in the norms for utilisation of a special fund set up by the association for effective implementation of infrastructure projects in the region.

Giving his inaugural address, Mauritius Prime Minister Navinchandra Ramgoolam mooted creation of a free trade area in the region that could give a new dimension to the economic and business relations in the region. Mauritius, the co-chair of the conference, favoured using complementarities to unleash the potential of the region and asserted on focussing concrete deliverables. "We can't afford to be marginalised. We have to move forward..." he said.

(The correspondent was in Port Louis at the invitation of Ficci and commerce ministry)


News Source: economictimes.indiatimes.com