World economy entering new paradigm

The world is entering into a new paradigm where developing nations are increasingly forming alliances to become self-dependent and less dependent on developed nations, and in such a scenario India is poised to play an exemplary role, said Iqbal Meer Sharma, the chief director of International Trade & Economic Department, Department of Trade & Industry, South Africa. He was addressing the CII Partnership Summit here.

Sharma predicted a gloomy picture for the developed world in terms of economic performance in the coming years. Squarely blaming the developed nations for the failure of the Cancun round of WTO talks, Sharma said that multilateral agreements had gone into a coma as the developed world was not serious about eradicating poverty from the developing nations.

He added that the developed nations, especially the US, put active entry barriers for developing nations to enter new markets. He observed that alliance formation amongst developing nations was against the interest of developed nations.