Committed to PEOPLE'S RIGHT TO KNOW
Vol. 5 Num 103 Sun. September 05, 2004  
   
Business


India for equal rich-poor relationship in WTO


Rich nations must acknowledge the basis realities of developing countries if the World Trade Organisation (WTO) is to move forward, Indian Commerce and Industry Minister Kamal Nath said Friday.

WTO members reached a framework agreement in Geneva in July on the principles that will set the tone for the reduction of tariffs and other barriers to trade in agriculture, industrial products and services.

Developing countries including India are pressing hard to preserve their farm sector while developed countries press for access to their markets and analysts say issues relating to the farm sector will continue to remain in focus in the WTO.

Analysts say the stance taken by India, which has a paltry 0.8 percent share of global trade but has come to voice the views of developing nations, was crucial to the breakthrough in world trade talks in July.

"If the WTO has to move forward then obviously developed countries have a bigger responsibility to see that they comprehend ground realities of developing countries," Nath said.

Nath said India would continue to forge a strong relationship with G-20 nations to articulate the views and concerns of developing nations in the WTO.

"The G-20 is an alliance of diverse interests, that's what gives it credibility. It has a credible voice and that has been its strength to remain bonded to each other," said Nath, a successful businessman-turned politician.

The G-20 which includes other influential developing countries such as China, Brazil and South Africa -- is pressing rich countries to slash farm subsidies which they say distort global trade.

The minister also said India would work towards a closer trade relationship with its Asian rival China whose exports far outstrip India's.

India exported goods worth $61.84 billion in the year to March 2004 while China's exports in the January to July period were $309.1 billion.