India calls for global cooperation to tackle menace of piracy

The Minister of State for External Affairs, Preneet Kaur said that there is a need for global cooperation to tackle the menace of pirates as the sea route trade was vital for all countries.

Talking to reporters in Chandigarh, she said the Somali pirates had extended their reach several miles offshore. On Indian sailors in the captivity of Somali pirates, She said that the government has seized of the matter and will take appropriate action in this regard.

She assured that the government will do everything possible to protect the people. The Minister of State for External Affairs said that a Cabinet committee had approved a series of measures to address legal, administrative and operational aspects of combating piracy. This involved strict action collectively by Shipping, External Affairs and Defence Ministries.

However, piracy in the Somali waters is fast becoming business.AIR correspondent reports, piracy syndicates operating in largely ungoverned Somalia, solicit investors who buy shares in the attack missions and gain a corresponding share of ransoms paid by the shipping industry.According to a maritime business report, the average ransom payment rose 36-fold over five years to 5.4 million dollars last year, compared with 1,50,000 dollars in 2005.The payments are fueling increased raids, adding at least 2.4 billion dollars to transport costs because vessels are being diverted onto longer routes to avoid attacks off east Africa.

A group of 60 nations is working to combat the threat, which has been made worse by complex national and international laws and norms that restrict effective prosecution.Pirates are extending the business model to how they pay their crew members based on skills or other assets, such as weapons, that they can bring to the mission.While shipping companies are increasingly adopting proven practices to reduce the risk of a pirate attack, they also may benefit from paying ransoms by avoiding higher insurance rates.