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Shri Kamal Nath, Minister of Commerce & Industry, has listed out five milestones for broadening and deepening Indo-US partnership over a span of the next 30 years, while delivering a keynote address at the 30th Anniversary Celebrations of the US-India Business Council (US-IBC) in Washington today. The Minister was speaking on the theme of “2035: Where We Want To Be” at the event which had a battery of eminent participants including analysts and successful industrialists from both sides speaking on Indo-US trade relations over the last three decades.
The five milestones envisioned by the Minister for deepening Indo-US ties include a strategic partnership covering not only international peace and security but underpinning with this close trade and commercial ties; a conducive policy environment to leverage the inherent advantages of both the countries; building stronger physical and virtual networks; integrating the two markets through expansion of bilateral trade and finally, nurturing shared values as the world’s strongest and largest democracies.
Elaborating on the theme, the Minister said: “First, the Nature of Engagement: The Indo-US relationship will be a strategic partnership, covering not just international peace and security, but under-pinning this with close trade and commercial ties. The definition of “strategic partnership” assumes a convergence of beliefs, and a shared vision of the future of the world. I am certain that in 2035 the US and India will have indeed developed such a common vision for the world. Actually, I am fairly optimistic that we won’t have to wait that long either!
Second, an Enabling Environment: The world of the future will be far smaller than it is today. The movement of people will have to become easier, if we are to truly leverage the changing demographic landscape of our countries. In India I have spoken of the “Served from India” brand to stand side-by-side with “Made in India” because I firmly believe that in the years to come India will become a Knowledge Hub of the world; a hub which will serve the future workers in ways unimaginable today, through a convergence of technologies. But the foundations of that future must be laid today. We must craft a conducive policy environment within which we can encourage and, indeed, motivate our people to leverage the inherent advantages that our combined socio-economic systems offer.
Third, Building Stronger Physical and Virtual Networks: These networks are forged through bilateral investments as well as through technology cooperation. Today India actively seeks FDI from the USA, but India is also eager to invest in the USA. Two-way investment binds us, but this network cannot be held together merely by the glue of greenbacks; it must be underscored by technology transfer and technology exchange. India is a society that places much value on technology. Innovation has a central place in Indian civilization since the very beginning. It is striking indeed to think that we gave the world that potent numeral “0” (Zero), and you added a “1” (One) to it, to create a whole new Binary World. Indeed, the nature of our engagement must evolve this “binary” partnership further.
Fourth, Integrating our Markets: Our bilateral trade in merchandise goods as well as services will expand to be among the highest in the world. Today Indo-US trade is 21 billion dollars, and our Services trade is perhaps another 15 billion dollars. In 2035 barriers eventually will come down. As the world shrinks, there has to be alignment around fundamentals. There will be a convergence of consumer needs in both our societies. If we have to fulfill these needs jointly, we will have to develop some innovative and creative ideas for rapidly expanding our bilateral trading. It is towards that sort of reality that we must work by methodically facilitating the removal of barriers that keep our markets apart in many spheres. I am certain that in the future, the flow of goods and services, as also the flow of people, will become far easier, and more relevant to our communities’ needs and requirements.
Fifth, Nurturing Shared Values: Eventually it boils down to this: a strong sense of what is right, and an even stronger sense of what isn’t. The idea of family. The idea of freedom and democracy. When all else fails, in the future, we must fall back on a set of shared values. Towards that goal, we must begin the work today! What are already today the world’s strongest democracy and the world’s largest democracy, would have to enhance their engagement based on their shared values, respect for the individual, free speech and liberty”.
The Minister referred to the fact that the India was engaging in a number of Regional Trade Agreements with her SAARC neighbours as well as with South East Asia. “Even with China, with whom our trade a decade ago was just a billion dollars a year, it is now more than a billion dollars a month! Road communications are opening up with South East Asia through Bangladesh and Myanmar. Political relations with Pakistan are fast improving. Ancient trade routes to Central Asia could well revive in the next few years. By 2035 I think that India’s population would have stabilized at about one-and-a-half billion. We will certainly have achieved 100% literacy and I am confident that we would have provided a standard of living for our people comparable at least to what developed countries enjoy today. Our focus then will no longer be so much on ‘fast’ growth, but rather on sustaining the fabric that enables us to remain a ‘free market in the democracy’. Essentially, the same stuff that makes up the fundamentals of the USA. And this is the ‘peg’ around which we must rally if we want to be where we want to be in 2035 – common ground!”, the Minister said.
Other speakers at the event were: Mr. Jeffrey R. Immelt, Chairman and CEO, GE; Dr. Henry Kissinger, Chairman, Kissinger Associates; Amb. Frank G. Wisner, Vice Chairman, AIG; Amb. Robert D. Blackwill, President, Barbour Griffith & Rogers; Mr. Rajat Gupta, Senior Partner Worldwide, McKinsey & Company; Mr. Charles (Chip) Kaye, Co-President, Warburg Pincus; Mr. Onkar S. Kanwar, Chairman & MD, Apollo Tyres; Mr. Vivek Paul, Chief Executive Officer, Wipro; Mr. Sachin Pilot, Member of Parliament, Lok Sabha, India; Dr. Amit Mitra, Secretary General, Federation of Indian Chambers of Commerce & Industry (FICCI); and Mr. Tarun Das, Chief Mentor, Confederation of Indian Industry (CII).
USIBC – Background
Formed in 1975 at the request of the Indian and United States governments, USIBC strengthens Indo-U.S. economic relations on trade and investment issues. Its primary mission is to foster a bilateral dialogue between key business and government decision makers, thus encouraging progressive economic policies in both India and the United States. The Council's work plan focuses on the continued development and activity of bilateral and unilateral working groups.
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