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Uncertain but fast growth can lead to stable economy, Shri Nath
16
Jan '08
The global economy is seeing uncertainties in the present times and the rapidly developing economies of the world can contribute towards its stabilisation, said Mr Kamal Nath, Minister of Commerce and Industry, Government of India.

He was speaking in the session-“How can Trade negotiations ensure Inclusive Growth?” at the Partnership Summit 2008, in Gurgaon on Tuesday. The Uruguay Round saw the participation of large number of countries in global trade negotiations for the first time.

Understanding of the dynamics of international trade negotiations was extremely limited then among most countries, because of the lack of the technical inputs, civil society groups etc, he said.

The global economic architecture has undergone a great change over last ten years. Technology played an important role in this transformation. He said advancement of technology has led to shifting of US jobs to countries like India.

Companies are finding outsourcing and off-shoring profitable as it reduces their costs. Emerging economies like India, China, and Brazil are the 'new engines of growth' of the world economy that can insulate the global economy from crises. Issues faced by different countries and their interests are not similar.

Therefore we cannot have a common approach to trade liberalisation. There can be no 'one size fits all' solution, he said. Agriculture is holding up the Doha Negotiations because the commodity exporting countries are the most vulnerable economies.

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