Indian commerce minister credits Asia for global recovery

INDIA's Minister for Commerce and Industry Anand Sharma, during a recent visit to Washington, said that Asia had played a key role in reversing the global downturn, as several nations in the region, India included, had managed to avoid slipping into the kinds of full-fledged recessions seen in western countries.

Mr Sharma indicated that while Asian economies had seen lower growth rates over the last year, that emerging economies in general, including those in Latin America, should be welcomed, as they posed no threat to the prosperity of other nations.

The ASEAN trade bloc, he said, had demonstrated the vibrancy of Asia. Combined with increased integration from China, Japan, and India, the continent could serve as a strong pillar in the coming decade, Mr Sharma added.

India recently signed a free trade agreement with ASEAN, and is currently in negotiations over similar arrangements with Australia, Japan, and New Zealand.

(Source: www.schednet.com)