MUMBAI, INDIA - World Trade Centre Mumbai organized the 1st in series World Trade Day Maharashtra in Mumbai on May 18, 2017, a pioneering initiative in India with a view to create awareness on the significance of international trade for the economic development of the region. This initiative will further be taken to key cities of Maharashtra namely, Nashik, Pune, Nagpur, Aurangabad and Kolhapur.

The Mumbai programme was a panel discussion on ‘Regional Trading Blocs and the Emerging Trading System’ which was organized by World Trade Centre (WTC) Mumbai in association with All India Association of Industries (AIAI). Dr. Siddhartha Roy, Economic Advisor, Tata Group said, “The temporary eclipse of both Trans-Pacific Partnership Agreement and Transatlantic Trade and Investment Partnership has provided respite to Indian enterprises to improve competitiveness of exports. This would mean improving standards in intellectual property rights (IPR), data security, sanitary and phytosanitary conditions, labeling etc. Further, it would give us time to introduce economic reforms to make the Indian enterprises genuinely competitive.”

Dr. Rupa Chanda, RBI Chair Professor in Economics, Economics and Social Sciences Department, Indian Institute of Management Bangalore said, “India must have a forward looking trade policy agenda, both in preferential and multilateral discussions. Adoption of global standards, strengthening the manufacturing sector and entering into global production networks and broadening competitiveness in the service sector is a must.”

Dr. Prabir De, Professor, Research and Information System for Developing Countries (RIS), Coordinator, ASEAN-India Centre said, ”FTAs create pathways for private sector to be globally competitive. The central government must adopt an inclusive approach in involving state governments on foreign trade policy.”

Mr. Akshay Mathur, Director of Research and Fellow, Geoeconomics Studies, Gateway House moderated the panel discussion. Mr. Mathur said, “The emerging international trading system is characterized by the changing nature of trade in services, fragmentation of the existing trading blocs and sensitivity to trade imbalance.”

Dr. Malini Shankar, IAS, Director General of Shipping, Ministry of Shipping, Government of India, Chief Guest delivered the Special Address. She highlighted two challenges in international trade. Firstly, the emergence of non-tariff barriers especially in times of downturn in international trade. Secondly, the lack of transparency in the tariff structure of logistics companies. She said, “Logistics companies must adopt more transparency in their tariff structure in order to benefit local manufacturers and traders.”

Mr. Vijay Kalantri, Vice Chairman, World Trade Centre Mumbai said, “We must enhance investment in the infrastructure sector to improve the competitiveness of manufacturing and services sectors.”

Mr. Kalantri said Skill India, Digital India, Startup India and Make in India are good initiatives but they have to be implemented by going all out to make the atmosphere more conducive and also create ease of doing business at all levels.

WTC Mumbai also presented Awards of Honour to exporters and logistics service providers for outstanding performance in their fields.

The event also featured the release of the Handbook on International Trade.

In photo: From (L-R): Dr. Rupa Chanda, Dr. Siddhartha Roy, Dr. Malini Shankar, Dr. Prabir De, Mr. Akshay Mathur and Mr. Vijay Kalantri.