Nath set to talk WTO with Left

Commerce and Industry Minister Kamal Nath is ready to have a discussion with the Left parties regarding the negotiations at the just-ended World Trade Organisation Ministerial, to address the latter's various apprehensions.

"I have requested Rajya Sabha Chairman Bhairon Singh Shekhawat for permission to make a statement in this regard tomorrow morning," Nath said today.

He added that he would hold meetings with the Left parties and the trade unions to explain the outcomes of the Hong Kong Ministerial and convince them that India was not at a disadvantage after the negotiations.

The CPI(M) yesterday had said yesterday that the Hong Kong declaration had failed to protect Indian interests and that the government needed to explain what Indian gained from it.

Nath, in a press conference on his arrival from Hong Kong , said India's priority was to get a concrete date for phasing out the export subsidies as it was most damaging to trade.

He added that both the United States and the European Union had offered to reduce their domestic support by 53 per cent and 70 per cent, respectively. However, India was pushing for 75 per cent cut and modalities will be prepared by June, 2006.

He said the agreement of the Hong Kong Ministerial addressed concerns of both agriculture and industrial sectors and it would be instrumental in driving India's farm and manufacturing exports in the global markets.

"The agreement fully secures the concerns of our farmers. It ensures that no subsidy-ridden farm products are exported to India. The phase-out of export subsidies by the developed countries will also give our farmers a chance to compete in the world market," he said.

He said the success was the result of the strategy of India forming a grand coalition of developing countries (G-110). The agreement protected domestic farmers against a surge in imports through the provisions of special products and special safeguard mechanism that had been included in the ministerial declaration, he said.

Saying that the agreement was also "industry friendly", Nath added that the developed countries would have to reduce tariff peaks and tariff escalation on products which go from developing nations like India.