Anand Sharma suggests global trade solutions to tackle recession

June 20th, 2009 - 2:31 pm ICT by ANI  

Washington, June 20 (ANI): 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)

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