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Old May 18th, 2005, 09:53 PM
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'India, China will be global economic leaders'

'India, China will be global economic leaders'
Singapore | May 17, 2005 1:40:03 PM IST

Singapore, May 17 : With rapid growth and booming economies, China and India are set to emerge as global leaders, European Union commissioner Chris Patten has said.

Patten noted that as a result of economic development, China and India would eventually play a leading role in the world alongside the US, reports Xinhua.

Speaking at a regional trade exhibition here Monday, he urged further integration of the Association of Southeast Asian Nations (ASEAN), such as developing a proper market and a customs union, so as to take on competition from China and India.
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On the trade row relating to textiles, Patten said the US and EU had no grounds for complaining about the surge in China's textile exports.

The US and EU have complained that China's increased textile exports since the abolition of the worldwide quota system on textile products on Jan. 1 this year had disrupted the market order of other countries.

"It's interesting that it is China which has been able to take the greatest advantage of the scrapping of quotas in the textile business," Channel NewsAsia quoted Patten as saying.

China has denied the allegations, saying that the US and the EU violated the rules of the World Trade Organisation by imposing restriction to curb China's textile exports.


(IANS)
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