Financial Daily from THE HINDU group of publications
Thursday, Apr 17, 2003
Financial Daily from THE HINDU group of publications Thursday, Apr 17, 2003 |
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Industry & Economy
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WTO `WTO norms favour only developed nations' Our Bureau
KOLKATA, April 15 IF only for the sake of its domestic industry, India should do its bit to re-negotiate the terms of the World Trade Organisation (WTO). The WTO guidelines are presently loaded in favour of developed nations and, therefore, pose a threat to a developing country such as India. The latter, given the unique needs of its emerging economy, should pursue its own interests in the course of negotiations. This was stated here by Dr Murali Manohar Joshi, Minister for Human Resource Development, who was addressing a meeting organised by the Swadeshi Research Institute. Dr Joshi's opinion assumes significance in the context of the fifth ministerial conference of WTO, scheduled to be held at Cancun in Mexico in September, 2003. The meet was organised with the objective of setting an alternative agenda for negotiations by the Indian Government. "We have to fight against moves that are detrimental to the interests of domestic industry... the re-negotiation should be aimed at converting a threat into an opportunity,'' he said, adding that the WTO regimen had been carefully designed to further the interests of developed economies. It was also pointed out that a single model prescribed by WTO may not be equally beneficial for all countries, especially because of their geographical, social and cultural differences.
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