06-26-2008, 04:32 AM
India should demonstrate leadership on global challenges: US
Chennai (PTI): India can be a major player in the global community if it demonstrates the much-needed leadership on common challenges and opportunities, United States Consul General David T Hopper said on Tuesday.
India should focus on leadership on common challenges and opportunities such as climate change, energy security, non-proliferation, global trade and investment, he said at a function organised by Consultative Committee of City Chambers of Commerce, here.
Elaborating about important challenges and opportunities faced by the country, Hopper said, "areas like infrastructure investment, financial sector liberalisation, bilateral investment, clean technology and multilateral trade are particularly promising ones for the US and India to stand together as global leaders and provide the basis for the common agenda going forward".
Citing official estimates which suggest that India requires upwards of USD 500 billion in infrastructure investment over the next five years, he said, "India needs to support accelerated growth in providing the physical infrastructure - roads, ports and airports, power generation, water supply and sewage and communication links".
He said: "The US regards Doha as an opportunity to attack poverty by opening trade flows between all nations in agricultural goods, industrial products".
"We need to see progress on services and agreement on modalities for agriculture and non-agriculture market access if an agreement is to be completed by the year end," he said.
To achieve results, a Doha deal must include substantial reduction of applied agriculture and manufacturing tariffs and new liberalisation of services, he said.
Developing countries like India are major beneficiaries of the international trading system and must take a leadership role to move the Doha negotiations forward, he added.