IOR nations to encourage 'open regionalism' to promote trade

PORT LOUIS: India, Mauritius and 24 other countries of the Indian Ocean Rim Association for Regional Cooperation ( IOR-ARC) today agreed to encourage "open regionalism" to promote trade and minimise the barriers.

"We undertake to encourage the concept of 'Open Regionalism' and identify trade as an integral factor in promoting economic cooperation and development," said the Communique issued after conclusion of the IOR-ARC Economic and Business Conference here.

It urged member states to harmonise trade practices in line with international norms and take steps to minimise barriers to trade in the Indian Ocean region and emphasised the need to build on the complementarities of the economies and identify key growth sectors.

The communique, issued by Member States and Dialogue Partners of the IOR-ARC, was released at a joint press conference by Commerce and Industry Minister Anand Sharma and Mauritian Minister of Foreign Affairs, Regional Integration and International Trade Arvin Boolell.

Trade ministers from IOR-ARC 20 member states and the six dialogue partner states (China, Egypt, France, Japan, UK and USA) participated in the Conference.

IOR-ARC members include Australia, Bangladesh, India, Indonesia, Iran, Malaysia, Mauritius, Singapore, South Africa, Thailand and UAE.