The Indian Ocean rim group members gathered in New Delhi on Friday, November 2, 2012, to make a development and safety plan for the Indian Ocen trade lane that sees half the world’s container traffic.
According to India’s external affairs minister, Salman Khurshid, there is a great unused potential for trade and economy in this sector, and the Indian Ocean’s geo-strategic importance cannot be underestimated, Associated Press reported.
The special attention was given to maritime security due to piracy threat on Somalian coast which affects sea traffic of oil products from the Arabian Gulf and all other contries that rely on oil imports from the Gulf.
In 2011 Indian Ocean rim economies brought good results, although the word’s economy recorded a weak recovery.
The Indian Ocean Rim-Association for Regional Cooperation (IOR-ARC), initially known as the Indian Ocean Rim Initiative, is an international organization with 20 member states. It was formally launched in March 1997.
At Friday meeting, besides Japan, China, UK, France and Egypt, the USA also joined the Group as dialogue partner, reveals Khaleej Times.