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“New power structure has emerged in Asia Pacific region”
Australian High Commissioner to India John McCarthy addressing a seminar in Chennai on Friday. —
CHENNAI: India’s entry would have made a difference to Asia Pacific Economic Co-operation (APEC) as well as to India this year. It was a pity that there was no consensus among members, said Australian High Commissioner to India John McCarthy on Friday.
Delivering his address at a seminar on “The Asian Century: Driving Global Trends”, organised by Australian High Commission here, Mr. McCarthy said “the continuing rise of two of the largest growing economies in the Asia Pacific region would dictate the growth of economic development in the region. Many would like to see India as an alternative to China. A new power structure has emerged in the region with the rise of China and India and the relative diminution of the Japanese economic power. India’s link with the rest of the region would have been strengthened had APEC reached a consensus on including India in its fold. It would have positives for both.” Stating that Australia was the biggest supplier of resources that had gone into building of industries in Japan, China and Korea, he said India would become the fourth largest exporting market with export of 93 per cent of resources from Australia, which might lead to beginning of new relations with India.
“The jury will be out in the next two months. But a lot will depend on export of LNG to India and the outcome of nuclear debate and hence our capacity to export uranium to India.”
The Editor-in-Chief of The Hindu, N. Ram called for deepening of the relationship with ASEAN countries and increasing interaction with Australia in education and other areas.
He also said one should not underestimate the bilateral trade between India and China.
“India’s look East policy has a long way to go. The business of free trade with ASEAN countries still remains to be settled. The relationship with Singapore has a long way to go. When we see the figures that China has achieved through two-way trade levels with Japan, South Korea and ASEAN as a group, India is a long way behind and is growing from a low base,” he said.
According to Mr. Ram, the two way trade between India and China for 2007 is likely to touch $30 billion. “If we include Hong Kong, then China is going to be India’s largest trading partner. Whether it is going to be sustained, whether they are going to find some balances in the future and structure of the trade remains to be seen,” he added.
Talking on the trilateral relations between Indo-China-US, Mr. Ram said “over the long term, whatever may be the conditions, it is guaranteed that neither of the two will gang up against the other and do well. The trilateral trade will be maintained.”
Long way to goK. Venugopal, Joint Editor of The Hindu, who spoke on “India’s economic rise and changing trade relations with South East Asia and East Asia” said India’s economy that ranked 13th in the world six years ago had just risen to 12th position. Compared with the ASEAN countries India was a minnow and still had a long way to go in the region.
“India-ASEAN free talks have been stuck over issues of bringing down import duties on commodities. Despite the stand-off, trade continues to grow. In future, China is going to be the factory of world economy and India its office. China does have aspirations to do well on services. India wants to do much on manufacturing largely to sell services to the West, as East is not on its radar,” he added.
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