Kamal Nath objects to new WTO texts
New draft texts on industrial goods aimed at clinching an elusive deal in global trade talks will have to be "completely revised," as per India's commerce minister Kamal Nath.
The World Trade Organisation's Doha round of talks to reduce trade barriers was launched in 2001 with the target of reaching an agreement by 2004. But negotiations have long foundered over rows between developed and developing countries on agricultural subsidies and industrial tariffs.
This text (on industrial goods) would have to be completely revised and significant convergence achieved before taking the matter for deliberation at the ministerial level," said the Commerce Minister Kamal Nath.
"Technical discussions on both texts would start from next week and hard negotiations lie ahead," according to him
The new farm text is also reported to have made headway on "sensitive" products that countries could shield from a sharp fall in customs duties.
Developed countries would be able to designate up to four or six percent of their imported agricultural goods as "sensitive" while committing themselves to an overall quota for imported products. In the industrial sector, about 30 emerging market countries would agree to reduce their customs duties to a maximum level of 19 to 26 percent. The more the tariffs are lowered, the greater would be the right of governments to protect certain "sensitive" items.