The Davos economic summit

But for the Clinton show and the Seattle like protests, the annual World Economic Forum (WEF) in Davos had nothing new to offer. While the West continued to press its agenda of free trade and globalization, the developing economies aired their concerns once more on the need for caution. India stuck to its stand, asking the West not to ignore the interests of the developing countries and the need for equity in globalization.

Many Asian Governments have argued that at this point of their development, they need more growth, employment and trade to lift their people out of poverty. The social agenda and labor standards, though important in themselves, should not be linked to trade.

The summit of Chief Executives and businessmen from around the world had little to cheer about, except for their individual pursuits in selected investment destinations. The significance of Davos is that it is a gathering of presidents, prime ministers and economic ministers from chosen countries, specifically invited to address these corporate heads and help them in shaping up their investment decisions for the future.

-- The Hindu, New Delhi