Vice-Prez calls for economic diplomacy

By Sreenivasa Rao Dasari  Published on  31 Aug 2019 10:57 AM GMT
Vice-Prez calls for economic diplomacy

Hyderabad: Expressing concerns over protectionism of developed nations, the Vice-President of India M. Venkaiah Naidu has called for reforms in multilateralism.

Mr Naidu said, “When we are faced with issues of unilateralism and protectionism, we need to be conscious of the fact that it was India and other developing countries which had earlier made a clarion call to reform the multilateral system as it exists so that developing countries have a greater voice in global governance. What we need is reformed multilateralism to face the headwinds of protectionist tendencies.”

Mr Venkaiah shared this view while calling for economic diplomacy as a means to drive the growth of the Indian economy while promoting foreign trade as well.

The Vice-President was speaking at the 'Deccan Dialogue' conference on 'Economic Diplomacy in the Age of Disruptions', jointly organised by the ministry of external affairs and the Indian School of Business (ISB) on Saturday.

“The world is becoming a global village. There is a constant change in the geopolitical and geo-economic landscape and this requires careful strategies to be formulated by countries. There is a paradigm shift in the older patterns of trade and commerce. Multilateral trading which was centred around the UN, WTO and international law are facing an uncertain future. Developing countries are left out of economic cooperation. Such a situation benefits no country,” observed Mr Naidu.

“India supports a rules-based multilateral order to tackle many common challenges such as climate change, technology divide, trade disputes, terrorism, connectivity and maritime threats,” he added.

According to the Vice-President, India is placing special focus on improving infrastructure connectivity with its neighbouring countries at the bilateral level and through regional forums like BIMSTEC and Indian Ocean Region (IOR) to expand intra-regional trade. India’s vision of IndoPacific (What) is rooted in advocacy of SAGAR- Security and Growth for All in the Region. India will support all efforts to keep the oceans open, secure and free for the benefit of all.

India is the world's sixth-largest economy and contributes over 15 per cent to global economic growth. The 21st century is being hailed as the Asian century and India will play a key role in promoting peace, security and development in Asia and beyond, Mr Venkaiah added.

The Vice-President applauded Hyderabad as the 'City of Charminar' witnessed the growth of the IT/ITeS sector that has contributed more than 11 per cent to the IT exports of the country. Additionally,

Hyderabad is also witnessing rapid growth in pharma, biotechnology and medical technology sectors, he shared.

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