IOR nations deliberate on finding al'natives to improve trade

B D Narayankar

Press Trust of India

Bangalore, Nov 11: Countries around the Indian Ocean
today deliberated on finding alternatives for improving trade
and investment among member-nations out of the purview of
World Trade Organisation (WTO).
"Countries falling under Indian Ocean region are seriously
contemplating improving trade relations among themselves as
they fear Western economies will adopt protectionist trade
policies to tide over global slowdown." Ministry of External
Affairs Joint Secretary Ravi Bangar told reporters after
Indian Ocean Rim Association for Regional Cooperation
(IOC-ARC) deliberations here.
With trade exchanges among Indian Ocean countries expected
to improve in coming years, member-nations hope to insulate
themselves from negative impact of global slowdown that has
affected the Western economies, Bangar said.
"India's trade with Indian Ocean member-countries is Rs 280
billion, of which Rs 160 billion accounts for imports. Hence
the prospects are rosy to find alternative means to improve
trade relations," he said.
Member-nations have already started to work on the concept
of University Mobility in Indian Ocean Rim (UMIOR) which aims
to retain academic experts among themselves, instead of they
contributing to Western economies, IOC-ARC Director (Mauritius
Secretariat) Vish Badal said.
"The setting up of UMIOR is to ensure not losing our
intellectual experts to other regions, especially the Western
countries," he said.
Likewise, member-countries were also serious about setting
up Open Data Centre For Drug Development which would encourage
developing indigenous medicines cutting down dependence on
Western medicines, Badal said.