IOR-ARC Economic and Business Conference held

(IOR-ARC) Economic and Business Conference held in Port Louis, Mauritius.The Union Minister of Commerce & Industry Shri Anand Sharma co-chaired the Indian Ocean Rim Association for Regional Cooperation (IOR-ARC) Economic and Business Conference.

India and Mauritius co-hosted the first economic and business conference under the theme of "Deepening Economic Linkages for Balanced, Inclusive & Sustainable Growth". The meeting brought together business representatives from across the Indian Ocean Rim. 

The IORARC has 20 members, of which India and Australia are the largest economies. Through it pass some of the most important energy transport routes from Middle East to South-East and East Asia, and securing these routes has become a global priority. In recent years, the United States, Britain, France, China, Japan and Egypt have become "dialogue partners" of the IORARC.

During the meet - Trade and industry ministers of member countries and dialogue partners of the Indian Ocean Rim Association for Regional Cooperation (IORARC) agreed to push trade within the grouping to promote economic cooperation and development in the strategic Indian Ocean region.

The ministers agreed to encourage "open regionalism" and harmonise trade practices in line with international norms and lower barriers to trade.

They also agreed to build on the complementarities and identify key growth sectors.

During the meet India called for a common maritime security enforcement regime and liberal visa regimes to boost trade and investment.