At the invitation of the Commerce & Industry Minister of India Shri Anand Sharma, the Commerce & Textile Industry Minister of Pakistan Mr. Khurram Dastgir Khan visited India from 16th to 18th January, 2014 to attend the 5th SAARC Business Leaders Conclave.

2. The Ministerial meeting on the margin of the Conclave was preceded by consultations at the level of the Secretaries Commerce of the two countries on matters related to economic and trade relations between Pakistan and India.

3. Both Ministers reaffirmed the commitment of their Governments to expeditiously establish normal trading relations and in this context to provide Non-Discriminatory Market Access (NDMA), on a reciprocal basis. They decided to intensify and accelerate the process of trade normalization, liberalization and facilitation and to implement the agreed measures before the end of February, 2014.

4. The Ministers noted with satisfaction that arrangements have been implemented by both sides to keep the Wagah – Attari Land Customs Station operational on all seven days of each week. The Ministers emphasized the importance of trade facilitation measures and directed their respective Ministries to work out modalities for containerization of cargo, allowing all tradeable items by land route at Wagah, liberalization of business visa regime and enhancing operational hours at Wagha / Attari and to consider such other measures as deemed necessary by the business communities of the two countries.

5. The Ministers agreed that both sides will convene the meetings of the technical working groups of Customs, Railways, Banking, Standards organizations and Energy to devise the modalities for effective implementation of all requisite measures.

6. The Ministers noted with satisfaction that there has been enhanced interaction between the business communities of both countries. Several trade delegations have been received on either side. A Joint Business Forum of Chief Executive Officers in different sectors have also met twice after the formation of the present Pakistan Government. Several sub-groups have been formed by this Joint Business Forum to enhance trade cooperation in diverse sector such as textiles, tourism, energy, light engineering, pharmaceuticals and others. The third meeting of this Joint Business Forum is scheduled in Pakistan for mid-February, 2014.

7. With the objective of enhancing bilateral trade opportunities, FICCI and the Trade Development Authority of Pakistan are also coordinating an “India Show” in Lahore in mid-February, 2014. This will build upon the success that was achieved on the business front through the similar India Show in Lahore in February, 2012. It is envisaged that as part of the India Show activities, artists on both sides of the border will jointly create paintings to express the common heritage of the people of both countries. With the objective of promoting greater people to people contact, both sides have also agreed to organize a joint Vintage Car Rally between Amritsar and Lahore, to coincide with the coming ‘India Show’.

8. Minister of Commerce Mr. Anand Sharma accepted the invitation extended by Minister of Commerce Engr. Khurram Dastgir Khan to visit Pakistan in February 2014.

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Top CEOs representing diverse sectors of India and US and senior Government officials from both sides deliberated at length issues of common interest and concern, and recommended a number of steps to further strengthen and deepen the bilateral business relationship between the two countries, at the US-India CEO Forum meeting held yesterday at the US Department of State in Washington DC.

The meeting opened with remarks from Union Finance Minister ShriP Chidambaram, and US Treasury Secretary, Mr. Jacob Lew; Union Minister of Commerce & Industry ShriAnand Sharma and US Commerce Secretary, Ms. Penny Pritzker, and US Deputy Secretary of State Mr. William Burns. The CEO Forum Meeting was co-chaired on the Government side by ShriMontek Singh Ahluwalia, Deputy Chairman, Planning Commission of India and US Trade Representative Mr. Michael Froman; and by Mr. Ratan Tata and Mr. David Cote, CEO, Honeywell, from the CEOs side. The Indian Ambassador to the US, Ms. NirupamaRao was present in the meeting. US Deputy National Security Advisor Ms. Caroline Atkinson delivered the closing remarks and outlined the future agenda for the Forum.

The sectors discussed in the meeting included agriculture, agriculture value chains, water management, health and life sciences, energy, defense and homeland security.

Recognising the vital role that bilateral trade and investment plays in this global strategic partnership, the US-India CEO Forum was created in 2005 to provide a platform for the Indian and US CEOs to discuss issues of mutual interest and suggest action-oriented recommendations to both governments for consideration.

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India has offered to help in revival of 300 apparel factories in Myanmar. During his meeting with the Myanmar President U Thein Sein last Friday, in Nay Pyi Taw, The Union Minister of Commerce Industry and Textiles, Shri Anand Sharma also offered US$ 5 million Line of Credit for revival of these factories. The South India Textile Research Association (SITRA) will provide technical assistance in formulation of revival plans for these factories. Private Sector companies will play a big role in revival and building joint ventures with these closed apparel factories. “A delegation comprising the experts, officials and businessmen will visit Myanmar within two weeks”, Shri Sharma informed the mediapersons after the meeting.

India will also cooperate with Myanmar in formulating a common compliance code for standards and also the best practices in the factories, said Shri Sharma. The Minister proposed to the Myanmar President a Common Compliance Code – Disha Myanmar with technical assistance from AEPC – to enhance compliance standards in Myanmar for exports to developed countries. Sponsored by Ministry of Textiles, and helmed by AEPC Disha is an initiative to driving industry towards sustainable human capital advancement. Disha attempts to educate apparel exporting members on a code of ethics that covers all critical social and environmental concerns like child labour, health and industrial safety, etc. For capacity building in Myanmar textiles sector, India has offered 2 scholarships for 2 slots under National Institute of Design (NID) and 250 scholarships for textile workers under Integrated Skill Development Scheme. Scholarships have been offered in National Institute of Fashion Technology and Institute of Foreign Trade also.

India will be setting up India-Myanmar Apparel Sector JVs in Thilawa SEZ in collaboration with other international brands, said Shri Anand Sharma . India will also set up a textiles trade show – Textiles Expo in Yangon for traditional textiles with Handloom Export Promotion Council (HEPC) as lead council. Enterprise India Show in Yangon as an annual event: As was agreed during Indian Prime Minister’s visit to Myanmar to conduct an annual trade promotion event. Shri Sharma announced that ITPO will undertake this event during November 2013. “We will also facilitate in return an exhibition of Myanmar industry in India organized by ITPO free of cost next year” said Shri Sharma.

Textiles sector appeared prominently during Shri Sharma’s three-day visit to Myanmar as NLD leader Daw Aung San Suu Kyi, during her meeting with Shri Sharma, also expressed keen desire to establish linkages in the sector specially in handloom an silk. “Entire sector as such will be brought in for cooperation including silk”, Shri Sharma told mediapersons.

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• With about 70% of its labour force employed in agriculture, Myanmar should focus on boosting growth and productivity in the sector to reduce poverty significantly
• Myanmar has the potential to become a regional force in agriculture
• Focusing on agriculture could ensure that Myanmar’s economic growth is balanced and sustainable over the long term

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Following is the text of the Joint Statement by Anand Sharma, Union Minister of Commerce and Industry, India and Toshimitsu Motegi, Minister of Economy, Trade and Industry, Japan:

The meeting between H.E. Anand Sharma, Minister of Commerce and Industry of India and H.E. Toshimitsu Motegi, Minister of Economy, Trade and Industry of Japan was held on 17th May, 2013 in Tokyo, Japan.

1. Delhi-Mumbai Industrial Corridor (DMIC)

1) Both sides welcomed progress of Dedicated Freight Corridor (DFC) as the backbone of DMIC and agreed to review their progress on a continuous basis.

2) Both sides appreciated Government of India`s formalizing the process of 26% equity participation from Japan Bank for International Cooperation (JBIC) in Delhi Mumbai Industrial Corridor Development Corporation (DMICDC) and relaxation of capital regulations to enable long term lending for DMICDC projects through JBIC.

3) Both sides agreed to expedite the process of Smart Community Projects such as seawater desalination at Dahej, Gujarat; power system stabilization project in the State of Gujarat; a microgrid system using large-scale photovoltaic (PV) power generation at Neemrana Industrial Area in Rajasthan (New Energy and Industrial Technology Development Organization (NEDO); and gas-fired independent power producer (IPP) in Maharashtra and agreed to advance the projects by exploring solutions for electricity and environmental regulations and/ or their implementation with related Ministries.

4) Both sides reaffirmed that trunk infrastructure projects for Japan`s US $ 4.5 billion facility should be implemented through advanced innovative cutting-edge technologies for sustainable development in a way beneficial to both the countries with all instruments of JBIC`s and Japan International Cooperation Agency (JICA)’s funding including STEP. Since this is a global and strategic partnership initiative between the two countries, the objective should be to attract Japanese technology and investments along the DMIC corridor.

5) Both sides reaffirmed cooperation in manufacturing, development of industrial clusters and skill development centers promoted by The Overseas Human Resources and Industry Development Association and Japan External Trade Organization (JETRO) in the DMIC region. Both sides acknowledged the “Japanese industrial zones” facilitated by some of the State Governments in DMIC region and JETRO, as one of the key initiatives under the DMIC to create globally-competitive industrial clusters.

2. Chennai-Bengaluru Industrial Corridor (CBIC)

Both sides acknowledged the progress made in the CBIC project and the finalization of the preliminary report for enhancing the quality of infrastructure in the region. The issue of improving access to Ennore and Chennai ports will be taken up in partnership with the State Government.

Both sides acknowledged the finalization of ToRs for the perspective planning of the region and for the Master Planning of investment nodes. It was agreed to reinforce their cooperation in the CBIC region and provide impetus to development of industrial clusters and skill development.

3.  Japan India Investment Promotion

1) Both sides agreed to deepen discussion on concrete measures on India-Japan Investment Promotion under partnership with both countries` businesses, reaffirming the expansion of investment as being essential for the global, strategic and complementary economic relationship between the two countries.

2) Both sides agreed to support planned initiatives and projects in this year designed for strengthening business partnership to be organized by JETRO and NEDO.

3) Both sides confirmed that investment promotion is necessary for both countries` mutually-beneficial development, and agreed to deepen related discussion with regard to measures for investment promotion and improvement in business environment in partnership with State Governments.

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The Union Minister for Commerce & Industry Shri Anand Sharma has urged the developed nations to remain committed to open markets and zealously guard against protectionism. Speaking at the 21st NASSCOM India Leadership Forum 2013 in Mumbai on Wednesday, Shri Sharma said, “I have in all my interactions with leaders of the developed world argued for freer and more open markets, which allow easier movements of professionals.” He observed that historically, the countries tend to look inwards, when faced with recessionary trends and said “this is not the right approach. On the contrary, protectionism becomes counterproductive, delaying recovery and deepening recession.”

Quoting from the study by Prof. Salinger of the Tuck School of Business, which analysed the practices of 2500 American MNCs, Shri Sharma said, empirical evidence suggested that for every job outsourced to India, nearly two new jobs were generated in the US. “Let us remember that just as America has off-shored some of its work to India, Indian companies are outsourcing activities to American companies, including software development” he added.

The Minister said that the Indian software professionals add to competitive strengths of various economies in the world, improving efficiencies and driving the process of change. “Erecting artificial barriers will only end up hurting economies and not supporting the cause of the domestic industry” he said.

IT industry driving India’s economic growth

Speaking about the Indian IT industry, Shri Anand Sharma observed that the information technology has been at the heart of technology revolution in India and has been the single most enabling factor in powering India’s economic growth. He recalled, how late Rajiv Gandhi, who laid the foundation for the IT industry by establishing technology missions, was ridiculed and criticized by all and sundry, and how all of them have been proven wrong today. Re-emphasising the government support for the IT and ITES sector, Shri Sharma said he is optimistic of the sector contributing US $ 175 billion by 2020 and generating 10 million direct jobs.

During 2012-13, the Indian IT and ITES industry exports reached $ 75.8 billion and the provided direct employment to 3 million people.

NASSCOM Social Innovation Honours presented

Shri Sharma and Maharashtra Chief Minister Prithviraj Chavan also presented NASSCOM 2013 Social Innovation Honours to 8 unique achievers for their contribution towards bridging the digital divide. Technology innovations that received the honours included, Saksham Scholarship Management Programme by National Informatics Centre, Lucknow aimed at eliminating corruption in scholarship distribution, easy to use mobile telephony based money transfer scheme of Yes Bank, home-link network of Don Bosco Foundation for tracking missing children, mobile based crop estimation technology, Birla Institute of Technology, Mesra’s (Jharkhand) technology innovation for teaching dyslexic children and the women in distress mobile app called Stipator. UP’s IVRS based Mid-Day Meal delivery tracking programme received the UNICEF honours.

The social innovation awardees were selected by an eminent jury, headed by former TCS CEO Mr. S Rama Durai.

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The Union Minister for Commerce, Industry & Textiles Shri Anand Sharma, while delivering his keynote address during a session on “The Large Emerging Economies: New Growth Hubs of World” in The Partnership Summit 2013 in Agra today, said that “sustaining a high growth for a country like India is not an optional choice for us but a social imperative as only through sustained economic growth will we be able to lift millions out of poverty net.”

Shri Sharma was of the opinion that despite the economic challenges being faced by nations world over, the emerging market economies have registered significant gains based on liberal economic reforms pursued over the last two decades. He further said that these emerging market economies would now have to address “the fundamental structural issues which face their economies and usher in the next phase of economic reform.” “The Government has established a Cabinet Committee on Investments headed by the Prime Minister himself which will not only fast track high value investment projects but also help in cutting down delays for regulatory clearances,” added Shri Sharma.

Shri Sharma also acknowledged the “inherent advantages” of the emerging economies by stating that these have given them strength and resilience to withstand the external shocks. Citing the advantages, Shri Sharma said that the emerging market economies have a fast expanding middleclass which is buoyed by the rising income levels. Along with this, these economies are also becoming hubs of low cost or “frugal innovation”. “As companies and governments enhance R&D expenditures, we will see emerging economies becoming even more competitive as technology providers,” said Shri Sharma. He further said that the emerging economies are also set to reap the benefits of the demographic dividend. Shri Sharma added that these emerging economies are also a source of rich human resource. “India is home to one of the largest scientific manpower in the world with over 12 million engineers and doctors and an equal number of post-graduates in science and mathematics and we annually add 2 million graduates, 700,000 post-graduates and 300,000 engineers,” said Shri Sharma.

Shri Sharma however added that these emerging market economies have huge infrastructure deficiencies, which needs serious attention to be paid into. Shri Sharma said that “this presents an opportunity for even greater private investment flows – both domestic and foreign – which will continue to catalyse growth.” He further added that “in India alone, we are going to spend US$ One trillion on infrastructure building over the next five years, half of which will come from private sector.”

Shri Sharma, ending his address, said that the future of the 21st century world would be shaped neither by the developed world alone nor by the emerging economies by themselves, but through creative partnerships between the two.

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Meets UAE, Korean, Slovanian Ministers on the Sidelines of the Partnership Summit

The Union Minister of Commerce, Industry and Textiles, Shri Anand Sharma met his counterparts from South Korea, UAE and Slovenia on the sidelines of the ongoing Partnership Summit at Agra today.

During his meeting with Sheikha Lubna Bint Khalid Al Qasimi, Minister of Foreign Trade, UAE, Shri Sharma informed that new opportunities have been created by the recent policy reforms in India and invited UAE to invest in various areas, especially in the infrastructures sector. The UAE Minister suggested that India should participate in ‘country presentations’ which is an important modality of making investment decisions in UAE. Shri Sharma and the UAE Minister agreed that the first meeting of the India-UAE High Level Task Force on Investment, for which Shri Sharma is the co-chair from the Indian side, should meet at the earliest. The co-chair from the other side is Sheikh Hamid Al Nahayan of ADIA. Shri Sharma also informed that a delegation of airlines Etihad of UAE will meet him in next couple of days. Shri Sharma emphasized that the total trade with UAE accounts for US$ 73.81 billion, with UAE being India’s top global partner, accounting for 9.02% of India’s trade with the world and consequently India attaches highest importance to our relationship with UAE.

In his meeting with Mr. Sukwoo Hong, Minister of Knowledge Economy of the Republic of Korea, Shri Sharma said that CEPA has led to improvement in trade but in order to achieve the targets, redoubling of efforts is needed in Textiles and Pharma sectors. The Korean minister briefed Shri Sharma about the candidature of Mr. Taeho Bark of South Korea for the post of DG WTO. Korean side raised the issue of delays in Posco project clearance emphasizing the importance of the project for enhancing the economic ties between the two countries. They pointed out that this is the biggest FDI proposal in India. Shri Sharma assured them on this count and said “we are concerned about the delays and will be conducting a review. The Prime Minister himself is monitoring the issue.”

Shri Sharma and Slovenian Deputy Prime Minister and Minister of Economic Development and Technology Mr. Radovan Zerjav reviewed the bilateral economic ties and witnessed the signing of three MoUs.

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In a bilateral meeting with the European Commissioner for Taxation and Customs Union, Audit and Anti-Fraud Mr. Algirdas Semeta, here today, the Union Minister for Commerce, Industry & Textiles Shri Anand Sharma, highlighted the need for an early conclusion of ambitious and balanced Bilateral Trade and Investment Agreement (BTIA) between India and EU. Shri Sharma stressed the agreement needs to be balanced and should address areas of core interest to India such as services through Mode 1 and Mode 4, agricultural market access and disciplining of Sanitary and Phyto-sanitary (SPS) and Technical Barriers to Trade (TBT) for translating concessions into effective market access. He said that this is important both in terms of optics as well as for obtaining the requisite balance in the India-EU BTIA.

Shri Sharma emphasised that in mode-1, India would need to be declared as data secure in order to provide access. The European Union is in the process of undertaking a study to assess whether India’s laws meet the EU directive. “It is our clear analysis that our existing law does meet the required EU standards. We would urge that this issue is sorted out quickly and necessary comfort in declaring India data secure in overall sense needs to be given as almost all the major Fortune -500 companies have trusted India with their critical data”, said Shri Sharma.

With a number of recent reform measures in India, which includes, opening of multi-brand retail trading sector to foreign investors; introducing flexibility in conditions for FDI in single brand product retail trading; allowing FDI in power exchanges; increasing the limit of FDI in Broadcasting sector; allowing FDI through foreign airlines in Civil Aviation sector, Shri Sharma emphasised India’s attractiveness as investment destination in a whole range of sectors from infrastructure to food processing, renewable energy, clean technology, bio-technology, health care, among others. He also highlighted that EU being a union of over 20 countries has strengths in almost all areas in which India needs investment. “Many countries of the EU are particularly strong in state-of-art technology development including green and clean technology for manufacturing industry. Although, the EU accounts for close to 50% of the technical collaborations approved but there is scope for enhancing technology transfer in a range of manufacturing activities,” said Shri Sharma. The cumulative FDI inflows from EU to India are around USD 44.31 billion (April 2000 to July 2012), while on the other hand, the Indian direct investments in EU are of the order of about USD 20 billion (April 2004 –October 2009). It should also be noted that the FDI inflows from April 2011- March 2012, which stood at USD 46.8 billion, showed an increase of around 35 per cent over the last year.

Shri Sharma also expressed happiness at the growing bilateral relations with the European Union, which is bound by common values based on a commitment to democracy, individual rights and sustainable development. While in 2010, the total trade between India and EU was USD 83.372 billion, it rose to to USD 110.268 billion in 2011. During January-September 2012 the bilateral trade stood at USD 76.511 billion.

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