Business Daily from THE HINDU group of publications
Sunday, Sep 17, 2006
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Business Daily from THE HINDU group of publications Sunday, Sep 17, 2006 ePaper |
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Industry & Economy
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Foreign Trade `India's rise is in everyone's interest' Our Bureau
Growth story Australia's exports to India, over the last six years, have grown by 25 per cent and are now on a par with Australia's exports to the US.
Chennai , Sept. 16 "India's rise is the single most significant event in the emergence of secondary power structures in the world. India's rise is in everyone's interests," said Mr John McCarthy, Australian High Commissioner to India. Addressing the inaugural session of a two-day seminar on `Rising Convergence: Australia, India and East Asia' here, he said East Asian countries must move beyond free trade agreements and economic cooperation and re-look at regional architectures. "We need to understand how every nation's place as part of regional architectures such as ASEAN or APEC has changed over the years," he said.
`Look East' policy
Citing an instance, he said India's `Look East' policy had taken off and India's trade with countries such as China, Korea and Japan had increased. He added that Australia's exports to India, over the last six years, had grown by 25 per cent and were now on a par with Australia's exports to the US. On the differences between India, China and other developing Asian nations, he said a multi-polar Asia was better than a uni-polar Asia. "If this century belongs to Asia, it will be wrong to see China as a threat to India or any other nation," he said.
Cooperation is key
Mr. N. Ram, Editor-in-chief, The Hindu, said despite socio-economic differences between India and Australia, the two nations could cooperate in trade. He said Australia's uranium deposits were of interest to India. On comparison between India and China, he said both nations must cooperate politically and economically. "The `Panchsheel' are good principles and we can look at them," he said.
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