NEED TO ENSURE STABILITY IN ENERGY MARKETS - DEORA

The Minister for Petroleum & Natural Gas Shri Murli Deora has said that the Shanghai Cooperation Organization(SCO) can play an important role in strengthening the linkages in the areas of trade, business exchanges and investment while also adopting mutually reinforcing monetary and fiscal policies in the context of global financial situation witnessed recently. Making a statement as leader of Indian delegation at SCO Head of Government(HOG) Meeting in Beijing today he underlined that most of the developing countries have been affected by the global financial and economic crisis in varying degrees. He emphasized that as a result of policies and programmes adopted by the Indian Government with the support of people, the effect was marginal in India. He added that the need to revive global economy is a complex challenge requiring efforts from all.

Referring to terrorism Shri Deora asserted that the time has come to adopt a policy of zero tolerance to terrorism and that the need of the hour is to have greater cooperation and exchange of information and coordination. He added “terrorism and the ideologies of exclusion and intolerance threaten to undo whatever we have achieved”. Further, he said that India has sought a mutually beneficial association with the Regional Counter Terrorism Structure based in Tashkent and are ready to complete the required formalities. The Minister called for moving towards early adoption of a Comprehensive Convention on International Terrorism.

On the energy front, Shri Deora informed that the energy security figure very high on our national agenda. He pointed out that SCO countries can make effective contribution towards cooperation framework in ensuring energy security. The Minister called for ensuring stability and predictability of world energy markets as it represents a mix of energy producing and consuming countries. He expressed hope for SCO Energy Club taking concrete shape.

Following is the text of Minister’s speech:

“Let me begin by extending felicitations from the people and Government of India on the momentous occasion of 60 years of the establishment of the People’s Republic of China. I am pleased to participate in this Meeting, taking the Shanghai Cooperation process forward. We deeply appreciate the arrangements and hospitality extended by our hosts.

We are now into the fifth year of our association with the Shanghai Cooperation Organization as an Observer state and these years have been eventful and satisfying. We are happy that engagement of Observer states is progressively on the increase and hope that this continues to the mutual advantage of both Member and Observer states.

The recent Summit in Pittsburgh underlined the fact that a collective and inclusive approach is the best and probably only way of addressing these challenges.

Excellencies, most of us represent developing countries, and in varying degrees, have been adversely affected by the global financial and economic crisis. The crisis began in the heart of capitalist world but its effects have been felt across the globe. However, thanks to the policies and programmes adopted by the Government with the support of the people, the effect was marginal in India. The need to revive the global economy is a complex challenge, requiring efforts from all of us.

In such a scenario, the Shanghai Cooperation Organization can play an important role. On the economic front, we can strengthen the linkages between us in the areas of trade, business exchanges and investment, as well as adopt mutually reinforcing monetary and fiscal policies. Sectors like energy, infrastructure, agriculture, banking, transportation, science and technology and education offer opportunities for substantive cooperation. India will be happy to participate in these activities.

In addition to this, terrorism and the ideologies of exclusion and intolerance threaten to undo whatever we have achieved. All of us who have gathered here take pride in our civilisational values and cultural diversity. The terrorist attack in Mumbai was a grim reminder of the transnational nature of terrorism. It evoked widespread condemnation from the world community. The time has come to adopt a policy of zero tolerance to terrorism. The need of the hour is to have greater cooperation, exchange of information and coordination. The SCO has made progress in the area of counter-terrorism and anti-drug trafficking measures. We have sought a mutually beneficial association with the Regional Counter Terrorism Structure based in Tashkent and are ready to complete the required formalities. We should also move towards early adoption of a Comprehensive Convention on International Terrorism.

As a Minister dealing with energy matters in the Government of India, I would also like to mention energy security which figures very high on each of our national agendas. We need to ensure stability and predictability of world energy markets. As SCO is a unique forum which has a mix of both energy producing and energy consuming countries, SCO countries can make an effective contribution towards a cooperative framework for ensuring energy security. In this context, we hope to see the SCO Energy Club take concrete shape and become a forum of discussion among SCO countries in this critical area.

As a close neighbour, we wish the Shanghai Cooperation Organization all success in its diverse activities. There is a lot to be gained through strengthening connectivity between the SCO and India..

In conclusion, I wish to convey our deep appreciation to His Excellency Premier Wen JiabaoWen Jiabao for the excellent arrangements made by the Government of the People’s Republic of China for the Meeting”. (EOM)