CII wants India to take up leadership role in WTO

Bangalore, Jan 18: The Confederation of Indian Industry today urged India to take a lead role in reshaping of the World Trade Organisation (WTO) with geo-economics taking centre-stage.

Asserting that multilateralism should be put back on track, CII President R Seshasayee told newsmen on the sidelines of the 13th CII Partnership Summit that as in the case of its contribution to the success of the civil Indo-US nuclear pact, CII would also help the government by lobbying India's case in the US and other countries for the success of the Doha round of multilateral trade negotiations. Sharing the concern expressed at the partnership summit on the need for an early settlement of negotiations in the Doha round of negotiations, he said CII would contribute its mite to accelerate the process.

He said pathbreaking ideas and concepts were putforth both at the summit and on the sidelines on globalisation issues with geo-economics taking precedence over geo-political situation.

Economic engagement between countries was expected to be taken to a higher pedestal over the years and this would restrict only to trade but also include other issues such as technology transfer, environment and inclusive growth.

He said inclusive growth would be a key element that CII would pursue the government of India to take and for this an institutional mechanism would be put in place.

Mr Seshasayee stressed that the WTO needed to go beyond the legal frameworks to ensure that the outcome of the negotiations was implemented resulting in development of the under previleged countries. ''It should not falter and flounder as a result of the complex arrangement'' he added stressing the need for strengthening the organisation.

If necessary new institutional frameworks need to be put in place for global engagement process.

He said even as efforts were on in an accelerated manner to strengthen the multilateral system as it was a preferred option for global trade, there was need to encourage bilateral talks alongside.

In this connection he referred the steps initiated for an Indo-European Union Cooperation agreement at Helsinki last year and said not much headway had been made though a year's deadline was set for the cooperation agreement. CII would take it up with the government and ensure the process was hastened, he added.

He said Gulf region offered huge potential for investments required in infrastructure by India. CII also take an active role in improving the cooperation with the region.

Replying to a question on China, he said CII did not see China as a main competitor. There were areas where both India and China could collaborate as well as compete to mutual benefit. There was need to get more engaged with China on various issues, he added.

He said the CII partnership summit was a great success with path breaking concepts and ideas emerging. As many as 750 delegates from 26 countries attended the summit.

UNI