The Hindu Business Line : ‘Economic nationalism’ in West a cause for concern: Kamal Nath

New Delhi, Jan. 21 The Commerce and Industry Minister, Mr Kamal Nath, on Monday expressed concern about the new wave of “economic nationalism” sweeping the West and reiterated the demand for developed countries to take on board concerns of the developing bloc in global trade parleys and on issues of climate change and investments.

In his address at a function jointly hosted by industry chambers for UK’s visiting Prime Minister, Mr Gordon Brown, Mr Nath also said high global food prices were a challenge that needed to be urgently addressed.

“I am quiet concerned about the new wave of ‘economic nationalism’ that is sweeping the West. Be it the outcry against outsourcing, the hostile posturing to acquisition bids by companies from emerging markets, or the tightening of immigration norms for individuals belonging to the emerging economies, these are all measures that would in the final analysis hurt the very countries that initiate such measures,” Mr Nath told Indian and visiting British businessmen at the event organised jointly by CII and Ficci.

Mr Nath said that China and India could be increasingly important as the global credit crisis slows growth in the US and Euro zone, as also Japan.

Reiterating demands

Reiterating India’s demands for better market access for industrial goods in the developed world, for deep cuts in agricultural subsidies provided by the West to its farmers, and for freer movement of natural persons across international boundaries, Mr Nath said, “Whether we are negotiating the rules of engagement for trade, for investment, or for addressing the issue of climate change, it is imperative for the developed economies to take a stand that reflects greater sensitisation to the concerns of the developing world.”

British Prime Minister, Mr Gordon Brown, in his speech, supported India’s bid to claim a greater place on the world stage. Mr Brown said India’s rapid growth meant it should play a greater role in international affairs and have a permanent seat on an expanded UN Security Council.

“We can and must do more to make our global institutions more representative,” he said.

‘Partnership of equals’

Mr Brown is visiting New Delhi with a large delegation of British business leaders after spending two days in China. Terming the engagement as “a partnership of equals”, Mr Brown also highlighted India’s growing involvement in international mergers and acquisitions.

He also noted the success of British telecommunications company Vodafone Group PLC in India.

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