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Home / News / India News / India is one of the "most open" economies: Suresh Prabhu
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India is one of the "most open" economies: Suresh Prabhu

India is one of the "most open" economies: Suresh Prabhu
Written by Ramya Patelkhana
(Sourced from PTI)
Mar 02, 2018, 04:05 pm 3 min read
India is one of the "most open" economies: Suresh Prabhu

India is a "very open economy" and wants to have trade relations and pacts with all countries, said Union Minister Suresh Prabhu, ahead of a Regional Comprehensive Economic Cooperation (RCEP) meeting, in Singapore. Prabhu made a fervent pitch for having a more dynamic, global trading-system, saying India is working with the 10-member Association of Southeast Asian Nations (ASEAN) on the RCEP--a mega free-trade agreement.

Quote
Want to have trade relationships, pacts: Prabhu

"India is a very open economy. We want to have trade relationships and trade pacts as continuing as possible, particularly with ASEAN, with which we already have a pact," said Commerce and Industry Minister Prabhu said in the "India's Economic Reforms and Global Integration" lecture.

Open Economy
India among world's most open economies

The Indian economy, he said, is one of the "most open economies" with a liberal Foreign Direct Investment in all sectors, including defense. "We are also working along with the ASEAN and other neighbors on RCEP," Prabhu said. He added, "Our idea is to get into bilateral and multilateral pacts, as many as possible, to ensure that many countries benefit and we also benefit."

Trade Agreements
Trade agreements are difficult, but India's ready to be involved

Prabhu said that bilateral and multilateral trade agreements are "very difficult negotiations," but India is "always ready to be involved and is very positive". "On a multi-lateral (level), we are very keen (that) we must have a global trading system which would be on a more dynamic way," he said, citing the success of the World Trade Organization in managing global trade affairs.

Domestic Interests
India wants to find a solution, too, says Minister

Prabhu said, "We want to find...a solution but as you can always understand that domestic interest is always reflected into the talks as it is with all countries including Singapore, ASEAN, and RCEP (member countries) who would like to protect (their interests) and India would also like to (do the same)." "We are finding a way, whereby we can work together," he added.

RCEP Meeting
Suresh Prabhu is in Singapore for a RCEP meeting

RCEP Ministers are in Singapore for a "closed-door" meeting. RCEP envisages regional economic integration, leading to the creation of the largest regional trading bloc in the world. It is currently being negotiated between ASEAN member states -- Brunei Darussalam, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam -- and Australia, China, India, Japan, South Korea and New Zealand.

Details
Prabhu to meet Singaporean PM Shanmugaratnam and other ministers

Singapore is hosting ASEAN Economic Ministers' (AEM) Retreat, AEM-European Union Trade Commissioner Consultations, and Inter-sessional Regional Comprehensive Economic Partnership Ministerial Meeting from 1-3 Mar'18. RCEP participating countries will discuss ways to progress their negotiations at Inter-sessional RCEP Ministerial Meeting. Prabhu will also meet Singapore's Deputy Prime Minister Tharman Shanmugaratnam, Finance Minister Heng Swee Keat, Industry Minister Lim Hng Kiang, and Foreign Minister Vivian Balakrishnan.

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Ramya Patelkhana <br/><i>(Sourced from PTI)</i>
Ramya Patelkhana
(Sourced from PTI)
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Ramya Patelkhana is a senior editor at NewsBytes. She has nearly seven years of experience in digital journalism and has previously worked with India News and Authint Media. She has a Bachelor's degree in Journalism and Mass Communication from the IK Gujral Punjab Technical University, Kapurthala, and an advanced diploma in Media Studies from IPW, New Delhi.
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