Our Terms & Conditions | Our Privacy Policy
External Affairs Minister (EAM) S Jaishankar on Thursday said India’s trade and economic ties with Central Asia over the last decade have actually shown a very strong positive trend.
Addressing the India-Central Asia Business Council here, Jaishankar said the presence of Indian and Central Asian business participants in such significant numbers today is a sure indicator of mutual interest in forging stronger B2B ties between India and Central Asian nations. “It is also a statement of the importance that business communities in all our countries attach to this Business Council. Today’s meeting seeks to discuss and explore new opportunities and complementarities between our respective economies,” he added.
Advertisement
The External Affairs Minister stressed the need to deepen the existing cooperation, both in terms of volume and quality. “Now, with that broad context, let me highlight three objectives before us. One is to deepen the existing cooperation both in terms of volume and in terms of quality. There is already, I think, recognition in each others’ countries and each others’ economies of the players and of the products. But, we must build further on that foundation and a very good example here is actually the pharmaceutical sector,” he said.
Jaishankar also called for diversification of trade baskets so that India and Central Asian countries have more options.
Referring to the size of the Indian economy and its strong growth over the past years, he told Central Asian leaders that India will create new demands for products and services that they can tap into. “We have more competition, and in a way we are looking for new opportunities, and I would like our friends from Central Asian economies to appreciate that an economy today which is bigger, which is in excess of USD4 trillion which is growing at 6-8 per cent annually, it will create new demands for products, for services, and you know, even I would say in a way new demands out of more prosperous lifestyles,” he said.
In another suggestion, Jaishankar suggested that economic interactions need more predictability. He hinted that more long-term contracts and arrangements must be focused on. “Whether we are talking uranium, whether we are talking crude oil, even potentially gas, whether we are looking at mining, if you are talking about coal, or if we are discussing fertilisers, I think these are all relevant examples to reach long-term understandings between us,” he said.
As cross-border digital payments are transforming worldwide, Jaishankar, referring to digital public infrastructure such as UPI, said India is willing to partner with Central Asian countries. “Certainly, greater use of digital technologies and AI applications will help us unlock the full potential of our trade and economic ties, and I would also add that it will be a great help to our tourists, to our students, to our medical travellers,” he said.
For financial services, he suggested closer engagement between the banks to strengthen economic interactions. “Some beginnings have been made regarding the opening of special rupee Vostro accounts in Indian banks by Central Asian banks. And there’s also been some discussion about using UPI — unified payment interface,” he said.
Vostro bank accounts typically enable domestic banks to provide international banking services to clients with global banking needs.
He also discussed the possibility of facilitating mutual trade settlement in our national currencies.
In his address to the Central Asian leaders, he also noted the need to improve land and air connectivity.
The EAM suggested that greater use of the Chabahar port will surely reduce travel distance and costs between the countries.
Jaishankar suggested that industry body FICCI, the organiser of today’s event, discuss with the Central Asian business chambers how logistical challenges can be bypassed. If possible, FICCI has been asked to recommend ways and means to address logistical challenges to the government.
The EAM also suggested simplification of cross-border customs procedures.
Images are for reference only.Images and contents gathered automatic from google or 3rd party sources.All rights on the images and contents are with their legal original owners.
Aggregated From –
Comments are closed.