Indian ambassador to China urges deeper economic ties, touts AIIB as model
Creating “new institutional architecture” like theAsian Infrastructure Investment Bank (AIIB)could ease “security-first” economics globally, New Delhi’s new top envoy to Beijing suggested, as both countries. . .
Creating “new institutional architecture” like theAsian Infrastructure Investment Bank (AIIB)could ease “security-first” economics globally, New Delhi’s new top envoy to Beijing suggested, as both countries work to mend ties. Vikram Doraiswami, who took up the post in May, also called for greater access for Indian products in China and more Chinese investment in India, which the ambassador expected would be beneficial forrelations between the two Himalayan neighbours. The senior diplomat said countries were now “less willing to look at preferential trading arrangements” around the world, adding that beyond tariffs, the global economy faced other barriers in certification processes, export controls, weaponisation of finance, technology and digital infrastructure. Doraiswami also pointed to a global trend of looking increasingly at “moving away from efficiency-first economics to security-first production”, with many pursuing “competitive advantage rather than comparative advantage” for a “unilateral self-reliant system”. The Indian ambassador shared his observations on Saturday during a panel discussion at the World Peace Forum in Beijing, an event jointly organised byTsinghua Universityand the state-backed Chinese People’s Institute of Foreign Affairs. The Asian Infrastructure Investment Bank (AIIB) launched in 2016 and is headquartered in Beijing. Photo: XinhuaDifferent economies were reluctant to open up areas where they had shortcomings and often sought free trade in sectors where they were strongly positioned, Doraiswami said.