The collapse of the WTO Doha Round of negotiations will have no impact on the booming Indian economy, Union Commerce Minister Kamal Nath said.
NEW DELHI: The collapse of the WTO Doha Round of negotiations will have no impact on the booming Indian economy, which continues to grow by about 8 per cent, Union Commerce and Industry Minister Kamal Nath said on Tuesday.
"The breakdown of the talks is not going to adversely affect the Indian economy, which is growing at 8-9 per cent even without the Doha round,'' Kamal Nath told reporters here on his return from Geneva.
He said that after the suspension of the trade talks in Geneva, India will continue to maintain its strong partnership with different groupings like the G-20 on agriculture, and the G-33 on special products, to look at what future direction can be given to the rule-based multilateral system.
"The rule-based multilateral system is very important for us and the suspension of talks is not the end of the road,'' the minister said.
On whether the rigidity of the US at Geneva, would have any impact on India's bilateral trade, Nath said, ''We have entered into bilateral trade agreements and will be consulting with other developing member countries -- the G-33 and G-20, on what the future course of action will be. We are looking at progression movement with Japan, Thailand, Singapore and Malaysia.''
He said at present, there is no further movement in these negotiations, as this is not a market access round. ''There is no further course of action in the future. This should be a period of introspection and reflection by the developed countries,'' he said.
Nath said India had serious differences with the US on issues of agriculture and in terms of mindsets, as they wanted to enter the Indian market with their subsidies. ''This was not acceptable to us,'' he said.
On the kind of support India has received for its decision, the minister said, ''The European Union is on our side and supported our position. Our stand and strategy is correct. The completion of the round is not important, it is the content that is important.''
The US gives USD 19.6 billion to its farmers as subsidies and wants flexibility to increase it by another three billion dollars, Nath said, adding: "this is not acceptable."
Nath said that the US has been virtually isolated in the trade talks. Commerce Ministry officials said any further movement in trade talks could now be possible only after US Congressional elections get over next year.
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