EU, US trade policy has been unfair towards developing world
Europe and United States did not had a fair trade policy towards the emerging economies and the developed work needs to be provide them incentives to grow as they are the real engines of global economic growth, said Alexander Stubb, Finland's minister for European Affairs and Foreign Trade. Chetan Chauhan reports.world Updated: Sep 09, 2012 17:53 IST
Europe and United States did not had a fair trade policy towards the emerging economies and the developed work needs to be provide them incentives to grow as they are the real engines of global economic growth, said Alexander Stubb, Finland's minister for European Affairs and Foreign Trade.
He made the remark while speaking with a group of Indian journalists in Helsinki regarding the challenges Europe face because of new economic crises and how India and China can play a positive role in bailing the European Union out.
"Our business do not consider India and China as cheap labour market but the large consumer goods market to sell their products in future. The emerging economies are growing fast. We have to keep this in mind while planning our future economic strategy," he said.
In the same vein, he agreed with the criticism of the rich word that they were not willing to provide efficient and clean technologies to the developing world at an affordable price.
European Union has vehemently opposed any move to free clean technologies from intellectual property rights for human good.
Making it clear that future business would be in green technologies, he urged the European nations to realize that they "modern technologies have to come at cheap rates" and said the time has come for end of European and American dominance in trade.
The changing trade dynamics is also clear from Finland importing more it is exporting to India and this balances has changed in the last five years.
In the context of the changing balance, he described the trade policies of the developed world being "unfair" and said, "In my former role as foreign minister, I advocated a mode of dignified policy and believe applying this kind of approach could be fairer and result in all around growth."
He, however, doesn't believe that the Euro economic crises is result of growing economies such as India and China and the problem is because Europe's bad management of debts.
Stubb, 44 and alumni of London School of Economics, said, "I think the European Union has taken steps to overcome the Euro crisIs and I am confident that we would be able to overcome the crisis and create growth."
One area, where the ministers wants progress, is India and European Union Free Trade Agreement (FTA).
The agreement has been stuck for over an year because of stiff resistance by Japanese automobile manufacturers, who sell most cars in India.
Stubb said the "good" agreement was caught in "bureaucratic hurdles" from both sides and wanted both parties to fast track signing of the agreement.