The Hindu Business Line : UK to fully fund Indo-British Partnership Network: Brown

Giving a boost to Indo-British ties, Mr Gordon Brown, MP and Chancellor of the Exchequer, the UK, announced at the Partnership Summit 2007 held here on Wednesday that the UK Trade and Investment in India would increase its support to fully fund the Indo-British Partnership Network.

"My aim is to double exports to India by 2010 and quadruple exports by 2020," he said. Mr Brown said he would meet the Prime Minister and the Finance Minister in Delhi on Thursday and jointly launch the UK-India Economic and Financial Dialogue. He reiterated the UK's support to India for a permanent seat in the UN Security Council.

He added that the British Trade Secretary, Mr Alistair Darling, held the latest meeting of the Joint Economic and Trade Committee in the Capital on Tuesday.

He said his theme for the summit was "how co-operating together and with a plan to reform our international institutions we can ensure that globalisation works to ensure prosperity and opportunity for not just some people but all people; co-operating together to meet energy needs and climate change, we have it in our power to fashion a new alliance for progress, a programme of cooperation across continents, to ensure a secure and safer environment for all."

Economic policy

According to him, the best economic policy is a good education policy. The answer to globalisation is not protectionism to safeguard the old interests of the few, but education that opens up opportunity to realise the potential of the many.

A resumption of the negotiations to secure a fair deal on free trade is both necessary and urgent, he said, adding that it will require bold steps to break down barriers and force the pace of change.

He said that Europe should offer further market access, and flexibilities should be kept to a minimum to ensure a successful outcome. On the other hand, significant progress by the US should also be made to reduce trade-distorting agricultural domestic support, he said.

Globalisation challenge

The Union Minister for Commerce and Industry, Mr Kamal Nath said the challenge emanating from globalisation was to minimise its disruptive aspects and maximise its benefits, especially for those sections of society in different stages of development.

Developed and developing countries must learn to deal with globalisation, and leverage it to the advantage of all participants, he said. The focus of globalisation has so far been on the movement of good, capital and largely financial and logistical services, and not on the movement of people.

"Globalisation is open to different interpretations like the Upanishads," said Mr R. Seshasayee, President - CII, and Managing Director - Ashok Leyland Ltd.

Within the context of globalisation, the challenges for poorer countries relate to resource constraints, technology access, inclusiveness of growth and development, equitable regional growth, and safety and security for their people, he said.