Kolkata, Sept 29 (KNN) The Indo-Pacific Chamber of Commerce was launched on Thursday during the Indo Pacific Economic Conclave 2023 organized by the Bengal Chamber of Commerce and Industry in association with the Ministry of External Affairs.

Through the Indo-Pacific Economic Conclave 2023, the Bengal Chamber aims to foster economic cooperation, regional integration, and sustainable development across the Indo-Pacific region, the release said.

The Conclave brought together Chambers of Commerce, leaders representing industry, diplomats and trade agency experts from 11 Indo-Pacific countries for the formation of the Indo-Pacific Chamber of Commerce.

As per reports, after discussions with the delegates of 11 participating countries, a Charter was also released.

"Indo-Pacific is an important framework and we are already beginning to build the financial, physical, economic, and commercial architecture by concrete step-by-step measures," Prime Minister's Economic Advisory Council Member Sanjeev Sanyal who was the Guest of Honour of the Conclave said in his address.

Emphasizing that the Indo-Pacific Framework is a maritime concept, Sanyal said, "The maritime aspect of this is absolutely critical because without taking this into account much of the conversation is meaningless but once you go into a maritime framework then the way you look at the world changes. So once you begin to think in maritime terms you begin to have a far more flexible world view than when you have a landlocked view of the world."

Speaking about the financial aspect of this framework, he said, "Instead of having rigid financing systems we need to have a globally fluid network of financing. Indo-Pacific region also has some serious finance hubs. Example: Singapore, Tokyo, Mumbai. Interlinking all of these is the key."

"We intend to internationalize the Indian Rupee over the next decade or so for it to be much more widely used. India aspires to be like other hard currencies like Yen, Pound, Singapore Dollar, and Euro. We do expect that the Indian bonds will be more widely used. India is becoming a more prominent part of the international financial network," he added.

He also mentioned that ESG (environmental, social and governance) is becoming more and more popular. However, Sanyal cautioned that the way norms are defined or the way these norms are monitored is still being worked out in the North Atlantic which is problematic.

"Many of the global frameworks and ranks are still almost done exclusively by institutions that are in the North Atlantic. So, if there is to be Indo Pacific Framework and if ESG are to be a part of this at all, then this must be redefined otherwise it will not work," he said.

Bengal Chamber of Commerce and Industry President and Managing Director and CEO of Exide Industries Ltd Subir Chakraborty said that the theme for the first day of the Indo-Pacific Economic Conclave is 'Collaboration and Cooperation towards Common Goals in the Indo-Pacific'.

As the global economic landscape continues to evolve, the Indo-Pacific region holds immense potential and significance, making it a focal point for international economic discussions.  (KNN Bureau)