Hon’ble CIM Shri Piyush Goyal spoke for greater cooperation among various nations to realise the huge growth prospects in the Indian Ocean region and also for tackling climate change at the World Economic Forum (WEF) annual meeting in Davos. “We are like a pivot for the Indian Ocean and we believe this region has huge potential. At the same time, India is very much concerned about the issue of climate change. Going forward, the entire grouping around the Indian Ocean will play a very important role, while keeping in mind fair and equitable distribution. India also expects greater cooperation among various nations on climate change,” he said.

On the topic of RCEP, the CIM said that in its present form, RCEP was clearly an unworkable agreement. “Any pact needs to take into account several factors. India is grappling with a huge trade deficit, particularly with China and many other nations in the region,” he said, adding that for the first time, India demonstrated that trade cannot be dictated by diplomacy.