Uncertain but fast growth can lead to stable economy, Shri Nath

16 Jan '08

3 min read

This he said is due to the pattern of the agricultural trade. He pointed out that 42% of the US cotton price is subsidy given by the US government to its mostly rich farmers. African cotton farmers who are mainly small and marginal cannot be expected to compete with the US cotton in the world market.

So, with trade distorting subsidies, dislocation of live hood sources of millions of farmers in countries like India cannot be a solution. The need of the hour is correcting the structural flaws in agricultural trade. We need to have a fair trade in order to have free trade and this is inclusiveness, Mr Kamal Nath said.

Earlier Mr K V Kamath, Vice President, CII and Managing Director & CEO, ICICI Bank Ltd. and the moderator of the session highlighted the importance of cooperation between the developed and the developing countries to manage the health of the global economy.

Ms Ana Vilma Albanez de Escobar, Vice President of El Salvador said that opening up of El Salvador economy has tripled the GDP over last 15 years. She said trade liberalisation have increased El Salvador's export manifold.

Mr G L Peiris, Minister of Export Development and International Trade, Sri Lanka said that trade has to be an instrument of social change and therefore fair trade can promote healthy competition and inclusive growth.

Mr Girma Birru, Minister of Trade and Industry, Ethiopia presented his views on inclusive growth and highlighted that trade liberalisation for LDCs require different perspectives, because of different set of challenges faced by them.

Ms Sandra Pupatello, Minister of Economic Development and Trade, Ontario, presented a host of opportunities for Indian companies in Ontario, Canada and said how inclusivity can be promoted through trade liberalisation.

Confederation of Indian Industry

More Confederation of Indian Industry (CII ) News... More Textiles News - India...