Venkaiah Naidu calls for global consensus to deal with economic fugitives

Vice president Venkaiah Naidu spoke against protectionism and asked the international community to build consensus to tackle economic fugitives and make extradition process between nations easier.

Naidu represented India in Paris on the centenary of the armistice of World War I and interacted with world leaders such as US President Donald Trump, Russian President Vladimir Putin and German Chancellor Angela Merkel.

In different forums in Paris, Naidu said free flow of capital and human resources held the key for betterment of humanity across physical boundaries. “I also raised the issue of economic offences and economic fugitives that requires a global consensus and action, especially to make extradition easy,” he said.

Naidu’s push against protectionism is timed well in the backdrop of the US-China trade war which has spooked global financial markets. Previously, Trump pulled the US out of the TPP (Trans-Pacific Partnership) deal in January 2017 and said he would “stop the ridiculous trade deals that have taken everybody out of our country and taken companies out of our country”.

The vice president’s comments on a global consensus on economic fugitives assume significance as Indian probe agencies are grappling to bring fugitives such as Vijay Mallya, Nirav Modi and Mehul Choksi back to Indian shores to face the law.

Although India has been able to ink extradition treaties with a number of countries, the actual handover of fugitives is preceded by a long, complex legal process.

Speaking to journalists here on Monday, Naidu said: “I felt at every step, that India is a force to reckon in the global order. The world has moved from World War I for territories to the modern battles for ‘markets’. Effective integration of global markets through multilateralism is the battle of the present times.”