The Hindu Business Line : Is WTO relevant?

The removal of subsidies to farmers by advanced nations can remove the imbalances in the global agricultural market. The special products and special safeguards mechanism could ensure that the laissez-faire policy on trade in the agricultural sector is not against the interest of the cultivators.

Let us hope that the removal of trade barriers by preventing an increase in tariffs will lead to the welfare of Argentina, Brazil, India and other developing countries.

T. V. Jayaprakash, Research Officer (Retd), CADA of Kerala, Thrissur

International trade has evolved over centuries to regulate the flow of imports and exports. Barriers in free trade are slowly being removed through the adoption of "conventions" evolved after prolonged discussions. The WTO has announced its millennium decision to ensure the free flow of goods without man-made barriers effective from January 1, 2006. Trading barriers create distrust among nations.

WTO negotiations lay down the basic principles of trade.

India is growing steadily in attaining economic status in the global market. The WTO is not only relevant but also essential to facilitate our growth.

T. S. Sundareswaran, New Delhi

At its recent meeting, the WTO passed a resolution to consider to assisting the weaker nations catch up with the developing world. The WTO emphasised the need for developed nations to sacrifice their economic interests for the longer term for the larger interest of global trade. Our Commerce Minister has agreed to the basic principles of the negotiation.

V. Venkitasubramanian, Kochi, vvsmani2002@yahoo.co.in

The relevance of the WTO cannot be overstated. Its existence is comparable to that of the UN. As long as trade among countries continues, there will be a need for an unbiased organisation that regulates deals and formulates suitable norms for smooth trade. But the WTO should not be a puppet in the hands of a few rich countries with ulterior motives. The Hong Kong decision to extend the agricultural subsidies till 2013, shows that the developing countries do have a certain grip on the WTO.

C. P. Velayudhan Nair, Kochi, vglakshmi@eth.net

Unlike the UN treaties, the conventions of the International Labour Organisation, or multilateral environmental agreements, the WTO rules can be enforced through sanctions. This gives the WTO more power than any other international body. Despite all its shortcomings and heartburns that it is causing in the Third World and smaller nations, the WTO is an alternative to absolute chaos in world economy and trade.

S. Krithivasan, SBI, s.krithivasan@sbi.co.in

There is need for more transparency in the system. Otherwise, confusion over crucial matters will continue.

S. Ram Kumar, Regional Sales Manager, ICICI Bank, Coimbatore, s.ramkumar@icicibank.com

The question whether the WTO will arrive at a consensus on the contentious issues of agricultural subsidies and industrial tariffs has led to countries seeking bilateral and regional agreements. But now that an accord has been reached at the Hong Kong Ministerial, it paves the way for a global trade pact by the end of next year. The WTO certainly continues to be relevant. The fact that China sought its membership and Russia is doing so, are evidence of that.

A. Jacob Sahayam, Thiruvananthapuram, jacob_sahayam@yahoo.co.in

The draft WTO text has come out with a crucial breakthrough on the agricultural subsidies and industrial tariffs to arrive at a face-saving agreement that paves the way for a global trade pact by the end of the next year.

The deadline fixed for farm subsidies is a step forward in the WTO talks.

Exports can flourish in the light of the new agreement. India has successfully safeguarded the interests of the developing countries.

R. R. Gnanasekaran, Hi-Tech Arai, Madurai, gnanam@hitecharai.com

The WTO facilitates international trade. In the present `global village' scenario, the WTO is vital. More so because of its dispute settlement body and rule-based system of functioning.

Having said that, the issues relating to subsidies need to be given due consideration.

Bilu Balakrishnan, President, CIER, Thiruvananthapuram, bbilu78@yahoo.com

Though our country is on its way to be declared developed, there remain many weaknesses in our industrial, agricultural and financial sectors.

We are yet to find solutions to water and employment problems. The same may be the case with other developing nations. Hence, achieving the WTO's development agenda could be still be some years away.

S. Sivasankaran, Senior Manager (Retd), Canara Bank, Salem

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