12 January 2018 #Clarkslegal
Michael Sippitt on 12 January attended a meeting in London organised by the Commonwealth Enterprise and Investment Council, the High Commission of India and the Federation of Indian Chambers of Commerce and Industry, addressed by Mr Suresh Prabhu, Minister of Commerce and Industry of India.
The topic was “Perspective on the Commonwealth as a Trade and Investment Bloc.”
This event was very timely in anticipating the Commonwealth Summit in London in April.
The Minister described how trade blocs help develop trade to a better level and have great benefits.
He mentioned how significant pension funds of certain Commonwealth countries like Canada and Australia give massive scope for investment within the Commonwealth.
The Minister posed the question how can business in general take responsibility to build trade mechanisms. It is necessary bring together business and investment communities. There is generally a need for structures and we must think about arbitration, banking, and other systems.
India and UK will work together on Commonwealth trade going forward and this augurs well for progress at the summit.
The Minister also remarked on the fantastic opportunity to make the most of the great natural resources of Commonwealth.
The Minister agreed the need to encourage mobility of labour to promote services, including technology and financial services, etc.
The development of trade relations with India and the Commonwealth in general should benefit from the business and political meetings in London in April. However, the outcomes and progress will depend most on business engagement and focus.