Committed to PEOPLE'S RIGHT TO KNOW
Vol. 5 Num 1116 Sat. July 21, 2007  
   
Business


New WTO formula good basis for deal: India


India believes a new formula proposed for a deal on agriculture and industry tariffs is a good basis for negotiations to resume in the stalled Doha round of global trade talks, a report said Friday.

Earlier this week, chief negotiators on agricultural and industrial trade at the World Trade Organisation released detailed technical proposals aimed at reviving the nearly six year-old effort to reduce global trade barriers.

The new draft text on Non-Agriculture Market Access and agriculture "is a good basis for starting intensive negotiations," Commerce and Industry Minister Kamal Nath was quoted as saying by the Press Trust of India.

Nath, who was speaking on the sidelines of a conference in New Delhi, said he talked with WTO Director General Pascal Lamy on Friday and told him "this is not a text of convergence. It is a text that will lead to further negotiations."

India has said it hopes the mandate of the Doha Round to speed up development of poorer countries is addressed when negotiations start in September.

The Doha round of talks, revived in February after a six-month hiatus, suffered another jolt last month when the key negotiators -- the United States, European union, India and Brazil -- failed to agree on the extent of tariff and export subsidy cuts.