IOR Nations To Encourage ˈOpen Regionalismˈ To Promote Trade

New Delhi, July 6, IRNA - India, Mauritius and 24 other countries of the Indian Ocean Rim Association for Regional Cooperation (IOR-ARC) Friday agreed to encourage ˈopen regionalismˈ to promote trade and minimize the barriers. ˈWe undertake to encourage the concept of ˈOpen Regionalismˈ and identify trade as an integral factor in promoting economic cooperation and development,ˈ said a communique issued after conclusion of the IOR-ARC Economic and Business Conference in Port Louis, pti reported. It urged member states to harmonize trade practices in line with international norms and take steps to minimize barriers to trade in the Indian Ocean region and emphasized the need to build on the complementarities of the economies and identify key growth sectors. The communique, issued by member states and Dialogue Partners of the IOR-ARC, was released at a joint press conference by Commerce and Industry Minister Anand Sharma and Mauritian Minister of Foreign Affairs, Regional Integration and International Trade Arvin Boolell. Trade ministers from IOR-ARC 20 member states and the six dialogue partner states (China, Egypt, France, Japan, UK and USA) participated in the conference. IOR-ARC members include Australia, Bangladesh, India, Indonesia, Iran, Malaysia, Mauritius, Singapore, South Africa, Thailand and UAE./end