Financial Daily from THE HINDU group of publications
Tuesday, Dec 13, 2005
Financial Daily from THE HINDU group of publications Tuesday, Dec 13, 2005 |
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Agri-Biz & Commodities
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WTO Industry & Economy - Industry Associations `More farm commitments needed from rich nations' Our Bureau
New Delhi , Dec 12 THE FICCI has called for fewer farm tariff reduction commitments from developing countries compared to their developed counterparts at the WTO Ministerial Conference that gets under way in Hong Kong tomorrow. The chamber has also called for a significant reduction in agricultural support provided by developed countries. It has asked for abolition of all forms of export subsidies latest by 2010. On non-agricultural market access, the chamber has emphasised that the Government should decide on a tariff reduction formula that would not lead to steep tariff reduction. The principle of `less than full reciprocity' should be respected, tariff peaks and tariff escalation particularly on products of our export interests must be addressed, and India must stand firmly against "mandatory" sectoral tariff elimination. The chamber believes that there is an urgent need to explore other approaches for services negotiations. It said that members of the WTO need to adhere to certain qualitative parameters in each mode of supply of service, across all the sectors.
In Mode-1 (cross-border supply of services), given the importance of outsourcing for India's service providers (global outsourcing expenditure is expected to grow to $827 billion in 2008, according to Unctad), the chamber is of the view that developed countries need to bind their existing levels of liberalisation in sectors of export interest to us. This will include computer and related services, professional services, and financial services.
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