Anand Sharma suggests global trade solutions to tackle recession
20 Jun 2009, 1328 Hrs

Add comment          Mail          Print          Write to Editor

Washington, June 20 Union Minister for Commerce and Industry Anand Sharma has called for fair global trade solutions in a bid to end global recession during his meeting with US Secretary of State Hillary Clinton and US Trade Representative Ron Kirk in Washington.

Sharma said India wants the World Trade Organization's Doha trade talks to resume, as it is important for countries to cooperate and break down trade barriers amid current global economic downturn.

"We are very clear, my Prime Minister, that this Doha process which has been stalled since last year should be resumed and taken to its logical conclusion. It's not a question of only expectation between two countries, we are talking of a multilateral, rule-based trading system, and it will be important to recall that this round is dedicated to development, that is the core of this process, to correct the infirmities of the structural flaws in the global trading regime as it is, to be replaced by a fair, rule-based trading system which is also taking on board the legitimate aspirations of developing countries, because the flawed system is heavily weighed against the developing countries," Sharma said.

In July 2008, Doha round of talks collapsed when a dispute arose between Washington and emerging economies - spearheaded by India over proposals to help farmers in poor nations.

The Doha deal is estimated to be worth 150 billion dollars for the world economy and considered even more important now that the world faces its worst economic crisis in decades.

Sharma said India's offer to host a G-20 summit would help define a roadmap to draw the WTO talks to a conclusion.

"No country, when you are talking about a global regime of multilateral negotiations, whether it's A country or B country, can not say that my position is the best. There can not be perfect solutions, there can only be fair solutions," he said.

Sharma added that trade relationship between India and the U.S. were healthy, and India would be willing to further open up its markets to U.S. business. (ANI)

Related Latest

India-EU free trade agreement by 2010, expects Manmohan Singh Anand Jon is my inspiration, says sis Sanjana South Korean Parliament ratifies free trade deal with India Sensex down by 184 points in opening trade on Asian cues Deloitte Global CEO Jim Quigley to visit India Anand Sharma calls for diversification of new markets for Indian leather sector Deep-sea ecosystems could be vulnerable to effects of global warming Obama tells Karzai to end corruption, drug trade for semblance of legitimacy of government BCCI invites global bids for team sponsors Recession hits Pushkar's cattle fair

Related Latest

Two police officers embark on bicycle rally to spread message of unity Madhu Koda to remain in hospital for another day Middle order has not performed consistently in the series, says Dhoni TMC-CPM workers clash, Maoists kill three ahead of CM's visit in Midnapore Fake currency worth Rs 900,000 seized in Punjab Allahabad hosts Ganga Water Rally to accelerate tourism industry in Uttar Pradesh Over 60 percent turnout in Assembly by-polls; 53 percent in Firozabad LS poll Madhu Koda's associate sent to ten days in Enforcement Directorate custody Congress-NCP alliance forms government in Maharashtra for the second time Gold lovers in Chennai see gold as a promising investment

• Two police officers embark on bicycle rally to spread message of unity
• Madhu Koda to remain in hospital for another day
• Over 60 percent turnout in Assembly by-polls; 53 percent in Firozabad LS poll
• Middle order has not performed consistently in the series, says Dhoni
• TMC-CPM workers clash, Maoists kill three ahead of CM's visit in Midnapore

• बीकानेर महापौर चुनावः एक विश्लेषण
• Deepawali: The Festival Of Lights
• Nine tips for nine nights
• need new prevention tech for HIV, other STIs and UP
• "Good health is India's basic need": Easier said than done Mr Prime Minister!