India is launching a major infrastructure project with an investment of around US $ 200 million to create 13 new, modern, integrated inland ports on its borders.
"Announcing this in his opening statement at the First Meeting of the SAFTA Ministerial Council in Dhaka, Shri Jairam Ramesh, Minister of State for Commerce & Industry, said that India look forward to similar investments by its SAFTA partners as well, adding that “this is an area where we can jointly seek assistance from multilateral financing institutions”.
“We are all committed to faster trade. We are all pledged to freer trade. We are all wedded to fairer trade. That is the triple meaning of the F in SAFTA. India looks at such free trade pacts not just as economic tools, tools to boost exports and equally important, stimulate imports. We see them fundamentally as political instruments that signal and herald our commitment to greater regional engagement”, the Minister said.
He emphasised that the following two conditions must be met if SAFTA, under which the tariff liberalisation begins in July 1, 2006, is to have any operational meaning – (a) all members must have only negative list and (b) movement restrictions which were against the very essence of SAFTA were also abolished.
While stating that trade brings macro-gains, Shri Jairam Ramesh said that it could also bring micro-pains as global trade creates local impact and hence adjustment assistance is necessary.
“SAFTA will not be fully successful unless we simultaneously embark on a wide array of trade facilitation measures. Infrastructure and logistics for expanding trade along the lines envisaged in SAFTA is simply not on the ground today."
This should engage our attention urgently. SAFTA is a crucial milestone. Let us now collectively move forward, sensitive to each others concerns, mindful of each other's interests, particularly in agriculture and textiles.
"India is fully aware of its special responsibility to make SAFTA work for the benefit of not just our economies but also of our people, of the aam admi in our countries”, Shri Ramesh said.
Press Information Bureau Government of India
marketing@alchempro.com
