Asia extremely vibrant and an attractive market for World trade;
Emerging economies to play a significant role in rule making in the global trade:
Mr Dammu Ravi, Secretary (Economic Relations), Ministry of External Affairs, Government of India
“In the 21st century it would be the Multipolar world which will dominate. A large number of emerging economies especially the Asian Countries would play a key role in driving global growth. The opportunities are unlimited for Asia” said Mr Dammu Ravi, Secretary (Economic Relations), Ministry of External Affairs, Government of India while speaking in a Plenary session on Asia, Emerging Economic Centre: Driving Global Growth and Resilience at the CII Global Economic Forum 2023, themed on Strategizing Global Prosperity Amidst Polycrisis.
Mr Dammu Ravi also said that Asian countries have contributed towards global growth tremendously, as 70% of the global growth is dominated by Asia where billions of people have been lifted out of poverty. It means a lot for the global growth particularly the Sustainable Development goals (SDGs) is contingent upon how Asian economies grow.
Secretary ER, MEA also noted that demographics, remittances, infrastructure, manufacturing & industries, services, conflict resolution had a multiplier effect on economic growth in Asia. He added that “today skilled labour and risen income levels has made Asia extremely vibrant and extremely market attractive for World trade” He emphasised that as there are income inequalities, debt inflation and volatility we need to see that MSME sector has to play a greater role in the economic growth in the Asian region.
He underlined the issues related to concentration of supply chains, hidden subsidies, geopolitical tensions which can undermine economic growth in the region. He further added that efforts for managing resilient supply chains, improved regulatory frameworks, conducive labour laws and internal reforms should be a constant endeavour. Secretary ER stated, “Digital Infrastructure can be a game changer in the region and enhanced digital literacy in this region can have a multiplier effect on the global economy.”
Mr Dammu Ravi ended his address by stating that “for a very long time, the rule making in the world trade has been made by the western countries. In the 21st century we cannot miss the bus, and this is an important policy issue we need to address. We have to see how we stitch the rule making within the frameworks of the Internet of things. That is where the emerging economies have to play a significant role in rulemaking in the global trade.”
Mr Tetsuya Watanabe, President, Economic Research Institute for ASEAN and East Asia (ERIA) (Indonesia) said that India and ASEAN are blessed with young demography and have anticipated pivotal role in global economy. The networks in the region have stood the test of time and have remained robust and resilient against shocks. He further added that the year 2023 has been the momentous year for the region as Indonesia and India hosted the consecutive G 20 Presidencies and G7 was organised in Japan. He added that trustworthy supply chains, improved robust connectivity in the region will ensure the prosperity in Asia. Asia’s participation in digital economy is important for the overall growth he added.
Mr Nadir Godrej, Chairman and Managing Director, Godrej Industries Limited presented the historical context of Asia’s economic and geopolitical significance in the new world order in a poetical narrative where he emphasised that more needs to be done for Asia as a whole to grow, trade and cooperate. In his narrative he also highlighted the importance of humility and people’s trust in keeping up with the accelerated pace of growth.
Mr Chris Bradley, Director, McKinsey, Global Institute and Senior Partner McKinsey, Sidney, Australia called this time an era of remarkable change, he noted that Asia is not a side player anymore, as not only majority of people but also majority of trade, majority of energy use, and other activities that would count are here. He said that it is an exciting time to be in Asia and India.
Over 60+ speakers, including 16 global speakers, shared expert thoughts during the forum. The forum is being attended by more than 400 delegates from different countries.
07 December 2023
New Delhi