- While economic growth and demand in developed economies remain weak, trade among emerging markets is expanding rapidly
- Cultural affinities between Africa and Asia are helping to increase trade between the two continents
- Developing economies should promote investment to boost trading capacity and deepen regional integration to strengthen their competitive advantages
Mumbai, India, 13 November 2011 – Trade among emerging markets is increasing rapidly and becoming a vital driver of global economic growth, government and business leaders and senior economists said in a panel discussion on South-South trade on the first day of the World Economic Forum’s India Economic Summit.
“There is a shift taking place,” explained Anand Sharma, Minister of Commerce and Industry of India, who is also his country’s Minister of Textiles. “More and more is coming from developing countries.” Added B. Muthuraman, Vice-Chairman of Tata Steel and President of the Confederation of Indian Industry (CII): “The Western world is gradually becoming uncompetitive in many products, [and] developing countries have over the last 10-15 years become centres of consumption.”
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