Commonwealth is 'Strongest Base' for Business: India Trade Minister

"India is now one of the fastest growing markets in the Commonwealth." - Indian Trade Minister Kamal Nath

India's Trade Minister Kamal Nath says the Commonwealth is the ideal platform for business and trade.

"We [India and the Commonwealth] have a relationship that is as deep and complex and multi-layered as it is resilient. The Commonwealth could not be a stronger base," said Mr Nath at a Commonwealth Business Council (CBC) seminar titled 'India -- The New Paradigms'. It was held at the Commonwealth Secretariat in London, UK, on 30 January 2006.

Mr Nath stated he was most impressed with the fact that there was no need for interpreters at the 2005 Commonwealth Heads of Government Meeting in Malta, that "we were all speaking the same language, proving India does not need a new conduit for a relationship with Britain and the Commonwealth."

The Trade Minister, who had arrived from the World Economic Forum meeting in Davos, Switzerland, expressed hope that India's ties with the Commonwealth "will move from strength to strength, and that the new paradigm will only mean greater warmth, greater co-operation."

Sanmit Ahuja, Head of India Affairs at the CBC, echoed Mr Nath's views: "India is now one of the fastest growing markets in the Commonwealth. Trade with other Commonwealth countries, particularly South Africa, Canada and Australia, is already skyrocketing and the UK is looking to strengthen relations with India as well."

Selling itself as the 'world's fastest-growing democracy', India has been making headlines for its booming economy and recent announcements of sweeping reforms on foreign direct investment.

"The unique combination of information technology, biotechnology and a strong pharmaceutical industry and a bulk chemical manufacturing base means that high-end research and development in sectors like pharmaceutical research, avionics and so on can put India on the global knowledge map as a source of intellectual capital for the world," added Mr Nath.

British Trade Secretary Alan Johnson, who also spoke at the CBC seminar, said it was "ludicrous" that only 1 per cent of the UK's trade should be with India.

"With cultural and deep ties, there is much more to do," stated Mr Johnson.

The UK Trade Secretary also admitted that India's political environment made it more desirable to do business with. "Democracy is an important factor when we look at the success of India," he said.

The day-long seminar was a prelude to a closed-door meeting the two ministers had on 31 January. The objective was for business leaders and experts from both countries to brainstorm ideas on how India and the UK could work more closely in the areas of technology, agribusiness, health care and private-public partnerships.

 

CNIS - Commonwealth News and Information Service Issue 270, 1 February 2006

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