The world may fret over a possible US recession but the strong economies of India and China can act as two engines of growth to counter its global effects, Commerce Minister Kamal Nath said in Davos on Jan 23. Nath, who is in a power-packed Indian delegation of 80 at the annual meeting of the World Economic Forum (WEF) in Davos, also coupled his comments with guarded optimism over the stalled Doha Round of trade talks. I am optimistic this Davos will create a greater momentum towards conclusion, Nath said, referring to process to restart talks at the World Trade Organisation (WTO) that have made little headway due to charges of protectionism by rich and developing nations. I am also realistic that there is an election in the US. I am realistic that Europe is in a new phase of protectionism, he said, even as he sought to spell out the importance of India and China to the world economy today.
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