NEW DELHI, May 12: Finance Minister P Chidambaram has said that India would endeavour to lower the tariff rates to Asian levels by 2000 AD.

Addressing a seminar on `Asia: the next 30 years' organised by the Asian Development Bank (ADB) at Fukuoka in Japan on Sunday, Chidambaram said that the peak customs duty rates which had been reduced from 150 % to 40 % would reach world levels soon thereafter.

He said initially there were protectionist cries but these are now muted and entrepreneurs are more concerned about being globally competitive. He said the solution lies in setting up world scale capacities in India and serving the domestic and overseas markets. ``That is already happening in a number of industries like petrochemicals, engineering, textiles and pharmaceuticals. Indian companies are also investing abroad just as India opened itself to foreign investment,'' he added.

He said ``looking beyond our region, we are deepening our ties with Association of South East Asian Nations (ASEAN) and seeking full membership of Asia Pacific Economic Co-operation (APEC).''

The minister did not agree with the `Emerging Asia' report of the ADB which had expressed doubts about the sustainability of reforms in India. Stating that the doubts were misplaced, he said ``India's reforms reflect a broad consensus on the need for change both at the level of the Central and state governments. Last year, ``we have had four governments at the Centre and each one has reiterated its commitment to reforms and liberalisation both through policy initiatives and actions.''

Pointing out that debate and dissent were inevitable in a pluralistic society, he said there is ever-growing recognition that India must open up more, deregulate more, trade more, cut deficits, raise savings and investment, attract more foreign capital and technology, invest more in primary education and health and learn more from the success of other countries, particularly from the splendid performance of the East Asian countries.

Copyright © 1997 Indian Express Newspapers (Bombay) Ltd.