Seeks greater access for its services in US and the EU
NEW DELHI: India is willing to consider tariff cuts in some industries and has sought greater access for its services in nations such as the US and European Union members as well as cuts in farm subsidies, Union commerce minister Kamal Nath said.
“We are willing to examine it and put it to our industry and see how we can move forward,” Nath said at a news conference in New Delhi on Tuesday.
Three dozen trade ministers and officials are to meet in Geneva next week in a renewed attempt to outline a World Trade Organisation agreement.
WTO negotiators have been trying for more than six years to reach a consensus on an accord that lowers barriers to commerce and promotes trade in developing nations.
The Geneva meeting, which starts July 21, will focus on the most politically sensitive issues in the trade talks, such as the size of tariffs and subsidy cuts on agricultural and industrial goods.
India, Asia’s third-biggest economy, has reiterated demands for the lowering of farm subsidies in the US and the European Union and has sought greater access for its services industries.
India also wants developed nations to ease restrictions placed on its workers travelling to provide services.
“Unless binding commitments are made by developed countries, there can be no agreement,” Nath said.
The government may consider lowering tariffs imposed on some segments such as gems and jewellery, Nath said. India, the world’s largest producer of jewellery, exported gems and jewellery worth $20.9 billion in the year ended March 31.
India, the world’s second-biggest producer and consumer of rice and wheat, will protect the livelihoods of its farmers and seeks special safeguards with volume and price benchmarks that are easily operational, Nath said.
“These special safeguards measures are make-or-break issues and are not issues for negotiation,” the minister said.
Nath said he will travel to Geneva after July 22 after the parliamentary vote.
Commerce Secretary GK Pillai will represent India at the WTO ministerial meeting,
Nath said. Many believe next week is the last chance to push the talks forward before a new US administration takes office in January.
Developing countries want rich nations to open up their markets for food, and reduce protection for their farmers by cutting tariffs and subsidies.
In return, rich countries are seeking a bigger share of the growing markets for industrial goods and services in emerging economies, through tariff cuts and liberalisation. Nath’s stance on most issues remains unaltered and on Wednesday he reiterated that protecting India’s subsistence farmers was key for New Delhi’s interests. “We are concerned about the sensitivities in our agriculture, our sensitive products and our special products,” he said. —Bloomberg
With inputs from Reuters
