Nationalist Congress Party president Sharad Pawar on Tuesday emphasised the need to renegotiate the various provisions of the World Trade Organisation's (WTO) quantitative restrictions which were detrimental to the indigenous industry in India and other developing countries.
"Even the developed nations are not following the WTO directives with regards to reducing subsidies for their producers. Why then should we be expected to do so?" he asked.
"Like-minded developing countries such as India, Pakistan, Bangladesh along with developed nations like Australia, Brazil and Canada (who were suffering due to WTO restrictions while having an agro-surplus) are working together to ensure that the quantitative restrictions are not to the detrimental interest of these nations," he said.
Pawar said, "the Madhavpura cooperative bank scam had resulted in the Reserve Bank of India imposing restrictions on the cooperative sector and blocking the flow of Rs 49,000 crore. Only recently a delegation, including Maharashtra finance minister Jayant Patil and irrigation minister Ajit Pawar met the RBI governor Bimal Jalan and urged him to ease the restrictions."
Pawar said that certain amendments in the Cooperatives Act would have to be effected in order to find takers for the huge quantum of funds available with cooperative societies. He said: "We have approached the highest quarters in the Union finance ministry and I believe that the Centre is inclined towards our view on the issue."
Refusing to comment on the Enron imbroglio Pawar said he was yet to acquaint himself with the developments over the last ten days before he could offer any comments on the issue.
Welcoming prime minister Atal Behari Vajpayee's initiative in inviting his Pakistani counterpart for talks Pawar said: "We need to consciously improve relations with our neighbouring countries. I welcome the ongoing peace process."
