Existing Indian Ocean trade potential can be increased via sectoral cooperation: Swaraj

External Affairs Minister Susma Swaraj on Friday said that the existing trade potential between nations on the Indian Ocean can be increased via sectoral cooperation, pointing out that the region hosts over 40 countries, with around 40 percent of the world's population.

"The vast Indian Ocean region hosts over 40 states and nearly 40 percent of world population. It is vast and diverse, home to great cultures and holds immense opportunities for the future. Therefore, this region which extends from African coast to West Asia, South Asia and South East Asia and touches Australia has been a focus of our foreign policy. This is evident from the several visits undertaken by Prime Minister to this region including most recently to Seychelles, Mauritius and Sri Lanka. I myself have also visited most of the countries in this region," Swaraj said, while addressing an international conference on the topic 'India and Indian Ocean: Renewing the Maritime Trade and Civilizational Linkages' here.

"Today, the Indian Ocean carries one half of world's container shipments, one-third of the bulk cargo traffic and two-thirds of the oil shipments, though three-fourths of this traffic goes to other regions of the world... The existing trade potential can be further tapped through sectoral cooperation initiatives. The emerging sectors that present immense potential for trade expansion and regional integration include food processing, fisheries, tourism, environmentally sensitive goods, information technology, SMEs, regional value chain, and so on," she added.

Swaraj also spoke of India's vision for the Indian Ocean.

"Our vision for the Indian Ocean Region is built on fostering increasing cooperation in our region, use of our capabilities for the benefit of all in our common maritime home and assisting our maritime neighbours and island states in building their maritime security capabilities," she said.

"We believe that we will prosper when the seas are safe, secure and free for all. We therefore have advocated collective action and cooperation in the region. We strongly believe that those who live in this region have the primary responsibility for peace, stability and prosperity in the Indian Ocean. At the same time we recognize that there are other nations, who may have strong interests or presence in the region," she added.

While talking the importance placed on maritime security by India, Swaraj spoke of the threats to the region.

"Maritime security is an important dimension of India's bilateral relations with all Indian Ocean Littoral states and through various formal and informal structures currently in place. The Indian Navy has been playing an important role in this through increased bilateral/multilateral maritime exercises including MILAN which saw participation from 17 regional navies off the Andaman Coast in February 2014," she said.

"The Indian Ocean has acquired new salience with the shift of the global economic engines to Asia. There has been sustained economic growth in the countries on the littoral of the Indian Ocean. We see growing global stakes and presence in the region. At the same time the region is witnessing non-traditional threats such as natural disasters, piracy, terrorism, illegal fishing, oil spills and effects of climate change," she added.

Swaraj also pointed out that India is a founding member of the Contact Group on Piracy.

"As a founder member of the Contact Group on Piracy, India has been sensitive to the maritime security situation in the Gulf of Aden for the shipping lanes in this part of the Indian Ocean. Consequently, to protect Indian ships and Indian citizens employed in sea-faring duties, the Indian Navy commenced anti-piracy patrols in the Gulf of Aden and the sea routes of the Indian Ocean in 2008," she said.

"In this connection the Indian Ocean Rim Association for Regional Cooperation (IORARC), which is now known as Indian Ocean Rim Association (IORA) formed in 1997, by Australia, India, Mauritius, Oman, Singapore and South Africa provides an ideal platform. The Association was established with the primary focus on economic cooperation, to promote sustained growth and balanced development of the region and of its Member States, and create common ground for regional economic cooperation," she added.