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'India, Asia-pacific region critical to world economic growth'
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Namrata Kath Hazarika | 08 Mar, 2013
India and other Asia-pacific regions will play a critical role in contributing to the economic and financial growth of the world, said the Union Minister for Commerce and Industry and Textiles, Anand Sharma in New Delhi on Thursday.
"Countries which has built capacities and built institution will play it's not a defining role but a critical role in the narrative of this century. That is what the Asia-pacific region is all about. This region in any case has been the slowest to move," he added while addressing the ICC Asia Pacific CEO Forum.
He said these (the Asia Pacific Region) are the countries now that refer to as the emerging economies. This economic region, which will be USD 16 trillion plus and the potential is to double in a decade, Sharma added.
India is an important part of the South Asian economies, he added, "India is integral to the change that is taking place. India is not an observer and India is not a witness, India is center to it. And, we have been very clear while talking to our partner countries and our interlocutors. I recall telling many of them that you cannot look at Asia's economic integration without India being the part of the process."
"And I am very happy that India with our bigger neighbour China along with Korea, Japan are very much engaged with the Asian group," Sharma also said.
The new emerging countries today are innovators and developers and are strong partners with the developed world, Sharma mentioned.
Asian Development Bank (ADB) predicts that Asia's gross domestic product (GDP) could increase to USD 174trillion in 2050. Asia's present share to world GDP is around 30-35 percent.
There is a need to build regional strategic cooperative partnerships. The government has been working on other policy reforms to encourage FDI and infrastructure development of the country, he added.
Pointing out on the many big reforms measures taken by the government recently, he also said, "We have had made many decisions. Decisions where partisan discourse in India became more polarising and more threatening when it comes to the existence of the government than what the partisanship or the standoff has been at the Capitol Hill, ours became a stiffer challenge, we dealt with it."
These policy changes were particularly made to revive the economy and attract foreign investors despite huge opposition from many political parties, he added.
Also, on the India-EU Free Trade Agreement, Sharma indicated that it is in the advanced stage and may be concluded soon, Sharma pointed out.
The two-way trade stood at USD 91.3 billion in 2010-11 and it is expected that a FTA between the two sides will eventually boost bilateral trade.
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