Addu City (Maldives), Nov. 10 (ANI): Stating that the SAARC Summit takes place at a time when the global economy is under acute stress, Prime Minister Dr. Manmohan Singh has expressed hope that the leaders of the major economies, particularly in the Eurozone, will show the wisdom and will that are required to revive the global economy.
In his statement at the inaugural session of the XVIIth SAARC Summit, Dr. Singh said: "Our Summit takes place at a time when the global economy is under acute stress. This has imposed a fresh and entirely uncalled for burden on our development efforts. We hope that the leaders of the major economies, particularly in the Eurozone, will show the wisdom and will that are required to revive the global economy."
"However, the world economy is going to take time to recover. In the meantime developing countries like ours will be squeezed for capital, investments and markets for our exports," he added.
The Prime Minister said complete normalization of trade relations will create huge opportunities for mutually beneficial trade within South Asia.
"We should seek imaginative ways to create new avenues and sources of growth and investment in South Asia. If we can create favourable conditions for development at home, there is no reason why our investors should seek greener pastures elsewhere. The complete normalization of trade relations will create huge opportunities for mutually beneficial trade within South Asia," said Dr. Singh.
"We should work to create a climate whereby the wealth generated by us is invested back into our own region. This will be the most ringing endorsement of our vision of a regional economy without boundaries," he added.
Dr. Singh said that there are promising signs that South Asia is increasingly getting plugged into the growth dynamic of Asia.
"Despite all the difficulties, we have been able to maintain a respectable growth rate in the last few years. This encouraging trend has coincided with the growing pace of SAARC integration. This shows that we are on the right path," he added.
Recognizing that India has a special responsibility that flows from the geography of our region and the size of our economy and market, Dr. Singh said: "I am happy to announce that, in a major trade liberalization effort, the Government of India has issued a notification to reduce the Sensitive List for the Least Developed Countries under the South Asian Free Trade Area Agreement from 480 tariff lines to 25 tariff lines. Zero basic customs duty access will be given for all items removed with immediate effect."
The Prime Minister said India is committed to the idea of free and balanced growth of trade in South Asia.
"I recognize that non-tariff barriers are an area of concern. India is committed to the idea of free and balanced growth of trade in South Asia. Competition begins at home. Our industries have to learn to compete if our economies are to have a future in this globalised world that we live in," he added.
Stating that the SAARC nations should seek imaginative ways to create new avenues of investments and growth, Dr. Singh said: "We can all benefit from our respective comparative advantages. These include our hydropower and natural resource endowments, possibilities of earnings from transit, marine resources, our scientific and technological base and above all our young population which will drive consumption and investment in the years ahead."
"We should expedite the finalization of the SAARC Agreement on Investment," he added. (ANI)
|
|
Comments:
