Business   

Global trade system at risk, India warns

Special Correspondent

Products from developing countries face much higher tariff barriers, alleges Commerce Secretary

NEW DELHI: India on Wednesday warned the World Trade Organisation (WTO) that the entire system of global trade would always remain at risk as the developed countries were still not willing to fulfil their commitments to correct the imbalance in trade.

In his opening statement at WTO's Trade Policy Review meeting for India being held in Geneva, Commerce Secretary G. K. Pillai said: "India is extremely concerned at the slow pace of [WTO] negotiations. While the suspended [Doha Round] talks have resumed, the political will on the part of developed countries is still not evident.''

As India's chief negotiator at the WTO, Mr Pillai, in a veiled warning, said: "Unless the development dimension of the Doha Round is met and the developing countries prosper, global trade will always be at risk. The rapid economic growth of developing countries is a must for a truly global trade order to flourish.''

"On an average, low-income countries face tariffs three to four times higher than the barriers applied in trade between high-income countries. Developing countries account for less than one-third of developed country imports but for two-thirds of tariff revenues collected,'' Mr. Pillai said. Thus, the global trading architecture was loaded against the needs of developing countries, he said.

Mr. Pillai pointed out that while the developed countries seek greater market access in the developing countries, they try to protect their markets through measures, "some of which were not strictly legal.'' Referring to the high duties and non-tariff barriers, he said: "The ever-changing standards that imports [from developing countries] have to comply with have become a hindrance to trade by their frequent use and misuse.''

Printer friendly page  
Send this article to Friends by E-Mail

Stories in this Section

SEZs' role in job creation open to question: WTO
Helping taxpayers in filing returns
PNB plans to raise Rs. 2,000 cr.
Microsoft's new version of motorsport game
Central Bank files draft prospectus
Alembic, UCB sign agreement
ONGC launches telemedicine project
Rupee extends gains against $
Market snaps five-day winning streak
Global trade system at risk, India warns
Exchange rates
Bullion rates
FDI cap in joint sector refineries
UTI MF to submit EoI for pension fund
BSE halves Raj TV circuit limit
SMECO gets Wipro Tech's integration services
MRO-TEK to pay 20 per cent final
WeP rolls out high-speed dot matrix printer
Ericsson ties up with Neutron Electronic
Tata Motors launches rail diesel sedan
Polaris in pact with Ementor Denmark
Microsoft finds NetXcell most innovative

Copyright © 2007, The Hindu. Republication or redissemination of the contents of this screen are expressly prohibited without the written consent of The Hindu