By IANS
New Delhi : India should seriously consider “making real gains” in global trade talks under the World Trade Organisation even as it protects livelihoods of the poor, said the Economic Survey for 2007-08.
“While safeguarding the interest of India’s low income and resource-poor agricultural producers (which cannot be a trade-off against any gains elsewhere in the negotiations) remains paramount for India, making real gains in services negotiations, where it is a demander, is no less important,” the annual economic report card presented by Finance Minister P. Chidamabaram in the Lok Sabha Thursday said.
The 151 member-countries of WTO launched a new round of negotiations in Doha in Qatar in 2001 to agree upon a multilateral rule-based trading system that seeks to reduce agricultural subsidies and trade barriers.
Since then, the talks have failed to reach an agreement as India and other developing countries are asking rich nations such as the US and from the European Union to reduce their farm subsidies and throw open their agricultural markets by significantly cutting tariffs.
On the other hand, developed countries want developing countries to drastically reduce tariffs on their industrial produce and service liberalisation.