India said on Friday the latest WTO proposals on agricultural subsidies and tariffs provides for a good basis for the negotiations to resume.
Commerce and Industry Minister Kamal Nath said he talked to WTO Director General Pascal Lamy and told him that this was not a text of convergence, but nevertheless forms the basis for further intensive negotiations to restart in September.
"This is a good basis for negotiations to start," he said, when asked about the new proposals that aim at slashing duties on products ranging from agricultural to industrial goods.
Talks among four key WTO members -- US, EU, India and Brazil -- had failed in June after New Delhi insisted that the US make greater cuts in its farm subsidies.
Washington, however, is keen on having the right to increase subsidies.
India has also maintained that it would not cut import duties on industrial products unless there was greater commitment from the European Union to open itself up for more commodities by lowering customs duties.
The new proposal envisages EU cutting its highest tariffs by as much as 73 per cent as against its offer of 70 per cent, besides requires India to lower duties on industrial products to an average of about 12 per cent.
