The Hindu Business Line : Commonwealth forum can be effective in WTO issues: Kamal Nath

The Minister for Commerce and Industry, Mr Kamal Nath (left), with Mr Rahul Bajaj, CMD, Bajaj Auto Ltd, at the plenary session of `India Trade & Investment Forum 2005 - Growth Through Global Partnerships' in the Capital on Thursday. — Ramesh Sharma

New Delhi , March 10

INDIA has sought to open a new window of cooperation on World Trade Organization (WTO) issues with the Commonwealth forum, stating that greater interaction on this front could speed the process of the Doha Development Agenda.

"One advantage of a stronger Commonwealth voice is the collective effort we can present in multilateral trade negotiating bodies such as the WTO. Commonwealth countries account for 40 per cent of WTO membership and can be effective in negotiations on services and agricultural markets," Mr Kamal Nath, Commerce and Industry Minister, said in his inaugural address at the India Investment and Trade Forum on Thursday.

The Forum is being jointly organised by the Confederation of Indian Industry (CII), Commonwealth Business Council and the Department of Industrial Policy and Promotion.

Export growth

Mr Kamal Nath said that increased foreign trade was a critical element of India's economic strategy as it generated economic activity that was incremental and resulted in greater employment generation.The Minister also said that India was on course to achieve merchandise exports of over $ 75 billion during fiscal 2004-05, despite a strengthening rupee.

Later, he said that the recent strengthening of the rupee against the US dollar and the continuing firmness in oil prices was unlikely to adversely impact the growth momentum in merchandise exports during next fiscal.

"There is no need to fear the strengthening of the rupee. The export growth momentum would not be hampered by strengthening rupee and high oil prices," Mr Kamal Nath said.

The Minister added that he would soon introduce a Bill on special economic zones in Parliament.

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