By IANS
New Delhi : The World Trade Organisation (WTO) draft proposal is a "good basis" to resume talks in the development round of the global trade talks that is currently stalled for about six years now, India's Commerce and Industry Minister Kamal Nath said Friday.
"This (the WTO draft) is not a text of convergence but it is a good basis for intensive negotiations," Kamal Nath told reporters here referring to what he said to WTO chief Pascal Lamy whom the minister called up in the morning.
Last month, talks between the G4 countries – US, EU, India and Brazil – in Germany broke down because of the failure of rich nations to accept effective cuts in farm subsidies.
Developed countries asked for greater market access for their agriculture produce in the developing world.
The WTO draft proposal released Tuesday aims at reviving the stalled talks on pruning agricultural subsidies to $12.8-16.2 billion dollars from the current $48.2 billion.
The proposal was also welcomed by Brazil that also regards the document as a major step towards taking the development mandate forward.