Fundamental changes in global economic order
are taking place. The pace at which these changes are taking place
is also increasing. The impact of these changes is far reaching
and shall affect every aspect of human life in every corner of the
world. International Trade shall also undergo change.
Trade barriers are being removed. Subsidies
are being phased out. Intra-regional economies are developing whereby
intra-trade will grow. From global trade point of view, national
boundaries shall become more porous. The centers of gravity of certain
economic activities will shift from developed nations to developing
nations. With the removal of trade barriers and overall development
of global economy, the volume of two-way trade may show significant
increase. Developing nations, instead of remaining agricultural
and industrial raw material providing economies would strive to
Developing but large economies like India and
China would not only play a crucial role in their own economic development
but would also play larger role in International Trade particularly
in agriculture, services & traditional industrial sector.
Geo-economic interests in a region will play
greater role in trade. This would result in sharing of more goods
and services by the neighbouring countries than what it was in the
past. This would lead to emergence of regional/sub-regional economic
powers, which would influence the flow of goods and services in
the intra and inter region/sub-region.
Competition and cooperation will co-exist.
There will be continual regrouping of trade blocks on the one hand
and under current of non-tariff barriers on the other. Complexities
will grow but so will the opportunities.
The influence of India would extend to in the
regional economies of South and South-East Asia, Middle East and
Keeping in view the rapid changes taking place
in the world, one of PEC’s key strategies in recent years
has been to diversify its activities in tune with the liberised
trade environment. Areas of special focus have included third country
trading in agro-commodities, energy and raw materials sourcing,
marketing of software & information technology related projects
& services and promotion of exports of medium scale projects
using appropriate technologies available in India, to the growing
economies of Asia, Africa and Latin America.
Particularly, amid a wave of e-transformation
of business globally, PEC is moving forward to integrate Information
Technology (IT) and Financial Technology (FT) into its core competence,
enabling the company to create new business opportunities for itself
and its customers.