India 2012: Davos Conversation with Anand Sharma | Summary and Q&A

TL;DR

Minister Arman Sharma discusses the implications of President Obama's reelection, the future of trade agreements, and the reforms being pursued in India to boost economic growth.

Key Insights

• 🙈 President Obama's reelection is seen as a positive development for the partnership between the US and India.
• 🖐️ The US is expected to play a leadership role in driving global multilateral trade talks.
• 🥺 Outsourcing has been mutually beneficial for both India and the US, leading to job creation and innovation.
• ❓ Completing the Doha Round would have significant economic benefits and job creation globally.
• ™️ Regional trade agreements are valuable, but they should supplement rather than bypass the multilateral trade regime.
• 🥡 India is taking steps to enhance collaboration and establish more liberal trade regimes in South Asia.
• 🇮🇳 Economic reforms in India are irreversible and will attract more investments and promote economic growth.

Transcript

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Questions & Answers

Q: How will the reelection of President Obama impact Minister Sharma's trade portfolio and India?

Minister Sharma congratulates President Obama and believes his reelection will lead to further consolidation of the economic and strategic partnership between the US and India. He expects major initiatives to be taken in both the bilateral and global context.

Q: Will the US under President Obama's second term have a more open and free trade policy?

Minister Sharma hopes that the US, as the largest economy, will take a leadership position in driving global multilateral trade talks. He believes a balanced and ambitious rule-based multilateral trade regime will contribute significantly to global economic recovery and job creation.

Q: Are there implications for outsourcing under President Obama's second term?

Minister Sharma highlights the positive impact of outsourcing, noting that for every job outsourced, two higher value jobs are created in the parent company in the US. He argues for a more open and flexible approach to visas and encourages the movement of professionals and job creators.

Q: Is there a possibility of a multilateral trade agreement in the near future?

Minister Sharma acknowledges the challenges but believes completing the Doha Round would have a major positive impact on the global economy. He emphasizes the importance of avoiding abandonment and pushing for a balanced and ambitious multilateral approach.

Summary & Key Takeaways

• Minister Arman Sharma congratulates President Obama on his reelection and sees his leadership as crucial in addressing economic challenges and maintaining the partnership between the US and India.

• He emphasizes the importance of a rule-based multilateral trade regime and hopes for a more proactive free trade policy from the US government.

• Minister Sharma highlights the positive impact of outsourcing and encourages flexibility with visas to promote the movement of professionals and job creators.