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EAM's Statements at ASEM FMM11, Plenary Session I - Regd.

November 11, 2013

Excellencies,

  1. I have listened to your views and suggestions on strengthening economic cooperation between Asia and Europe and the very interesting ideas on how to leverage human resource development, industry and markets to further this cooperation towards reviving sustained economic growth in our region.
  2. The global economy remains fundamentally weaker than we expected. Financial stability risks are growing and yet we are ready to fortify our efforts and concern in both advanced and emerging economies.
  3. The unanimity across the table on the need to take appropriate coordinated policy action is encouraging. The collective stake in preserving an open, integrated and stable global trading regime, even as we work together towards regional economic integration remains a high priority for all of us. I agree that the answer to the present crisis is more economic engagement both within regions and across regions. Creating jobs is of the highest priority. Incomes through employment, in particular, for the youth in our countries should be another overriding priority. Investment in infrastructure is, therefore, going to be critical and sustained economic growth, poverty reduction and job creation would have to be the salient features of our priority focus.
  4. I would urge more focused matching of markets and human resource development requirements in some member countries with technological innovations and capacities in others. I do believe that this would help to revive economic growth in both Asia and Europe. But, ofcourse, it will be important that to achieve this we make it easier for our professionals, entrepreneurs and students to travel to each other’s countries and to work together in the economic commons on our Continents.
  5. We also need to collaborate towards reinforcing the growth stimulus for the economies of Asia and Europe.
  6. Excellencies, we have a historic opportunity to ensure that the reform of international financial institutions continue to reflect the structural changes in the world today in order to improve their legitimacy and effectiveness to address global problems.
  7. It is reassuring that G20 countries have come together as an effective mechanism for coordinating common approaches to the global economy and finance amongst the world’s leading economies. It is also reassuring that developing countries and emerging economies are expected to continue as growth drivers for the world economy, even though their growth at this juncture, we all know, has decelerated somewhat.
  8. Protectionism in all its forms is counterproductive, and poses a threat to any hope of economic recovery and growth in the developing world. A liberal and rule based international trading system can play a supportive role in sustaining global growth, generating new employment opportunities, opening markets and reducing global poverty. In the current economic scenario, there is need to take credible steps towards a comprehensive resolution of all issues under the Doha Development Round in a manner that reflects the priorities of the development agenda.
  9. And finally, Excellencies, I would like to add in India’s context, I find strength in the resilience of the Indian economy. In recent months, India has taken measures to enhance foreign investment flows, speed up implementation of major projects, boost infrastructure development, strengthen its financial markets and make the business environment more attractive. The strong fundamentals of the Indian Economy are the positives that we bring to the table to all our ASEM partners.
  10. India is committed to sustained economic growth, modernization and inclusive development, that is being emphasised here, and we look forward to continued cooperation on these priorities in ASEM.
Thank you.

Delhi NCR
November 11, 2013

 



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