News APP

NewsApp (Free)

Read news as it happens
Download NewsApp

Available on  gplay

Rediff.com  » Business » WTO chief accepts India's stand, but...

WTO chief accepts India's stand, but...

Source: PTI
July 28, 2006 14:15 IST
Get Rediff News in your Inbox:

World Trade Organisation chief Pascal Lamy has endorsed India's stand in global trade talks but asked New Delhi to look at the 'bigger picture' and help break the impasse.

The WTO Director-General said even if India pursued bilateral trading pacts with the US and EU, it would have to open up its markets for their products and services.

"Commerce Minister Kamal Nath is perfectly legitimate in the assessment he is making... but so are those on the other side... We must look at the bigger picture," Lamy said when asked to comment on Nath's statement. He said there was 'no offer' at the talks, which collapsed early this week in Geneva.

Talks ended in a stalemate after the US refused to make substantial cuts in farm subsidies, drawing strong reactions from developing nations like India and Brazil and even the EU.

Lamy told NDTV that while developed countries must make more concessions than developing nations, advanced developing countries (like India, China and Brazil) should do more than poor developing countries.

"India must look at the big picture, given its size, potential and record in terms of modernisation," he said.

Reacting to reports that India would continue bilateral talks with the US and is working on a Comprehensive Economic Cooperation Agreement with European Union, he said India would still have to give greater market access to these countries.

Bilateral agreements were about opening up markets, he said, adding it made no difference to poor farmers if they were being asked to open up in a bilateral framework or a multilateral framework.

Do you want to discuss stock tips? Do you know a hot one? Join the Stock Market Investments Discussion Group

Get Rediff News in your Inbox:
Source: PTI© Copyright 2024 PTI. All rights reserved. Republication or redistribution of PTI content, including by framing or similar means, is expressly prohibited without the prior written consent.
 

Moneywiz Live!