'India can be global trading hub'

India should pay attention to commodities like gold, silver and crude to get recognition in the international market and emerge as global trading hub between Tokyo and London, union agriculture minister Sharad Pawar said on Thursday.

"While agriculture is very important commodity, we have to pay equal attention to global commodities such as gold, silver, crude and exotic products to get recognition in the global marketplace," Pawar said at a function for signing of Memorandum of Understanding between Multi Commodity Exchange of India and Tokyo Commodity Exchange in New Delhi.

India should become a trendsetter for price, demand and supply in respect to atleast five major commodities, he said adding, the country should make efforts and take necessary steps that could position it on global scale in these commodities.

MCX managing director Jignesh Shah said that under the MoU, MCX and TOCOM would explore areas of cooperation and business opportunities, establishing procedures for communication and information exchange between the two exchanges.

The alliance would bring better understanding between the two exchanges in terms of market dynamics of two nations, contract specifications, education and communication, marketing, operations, monitoring, trading practices and regulations in commodity futures markets, Shah said.

Both exchanges would devise steps to broadbase the markets, widen the industry, synergise the local and global markets and inturn bring better and innovative opportunities for its participants, he said.