India, Britain call for flexibility on trade issues

August 12th, 2008 - 11:12 pm ICT by IANS  

A file-photo of P. Chidambaram

New Delhi, Aug 12 (IANS) India and Britain Tuesday urged all countries to show greater flexibility while dealing with issues like multilateral trade that will benefit both the world’s poor countries and global economy. In a joint statement issued after the UK-India Economic and Financial Dialogue, held in London, Finance Minister P. Chidambaram and British Chancellor of Exchequer Alistair Darling said they were “deeply disappointed by the recent pause in the Doha Development Round talks”.

“Today we discussed the way forward. We urge all parties to show greater flexibility to agree on free and fair trade rules that deliver a balanced result for the world’s poor and the global economy,” it said.

The joint statement also emphasised the importance of bilateral initiatives. It announced that the UK and India would undertake a joint study into non-tariff barriers, including domestic regulations in services. The study will also analyse how they could be removed.

The ministers also signed a memorandum of understanding to encourage sharing of best practices in the development of public-private partnerships.

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