The Hindu Business Line : `Rules soon for equitable global trade'

The Union Minister for Commerce and Industry, Mr Kamal Nath, with (from left) the FICCI President-elect, Mr Saroj Kumar Poddar, the FICCI President, Mr Onkar S. Kanwar, and the Wockhardt Chairman, Mr Habil Khorakiwala, at a session on `Trade, Globalisation & WTO: Hong Kong & Beyond', in the Capital on Friday. - Kamal Narang

New Delhi , Dec. 23

THE Commerce Minister, Mr Kamal Nath, said on Friday that the contours laid down at the Hong Kong Ministerial of the World Trade Organisation would take care of India's concerns in agriculture and industrial goods.

The Minister explained that the securing of Special Products (SPS) and Special Safeguard Mechanism (SSM) at Hong Kong would fully protect the interests of the country's farmers. SPS are products that would invite nil or minimum tariff reduction commitments, while SSM would safeguard against surge in subsidised imports.

Mr Kamal Nath was speaking at a session on `Trade, Globalisation and WTO: Hong Kong and Beyond' organised by Federation of Indian Chambers of Commerce and Industry.

Mr Nath said that though the tariffs in India were coming down to ASEAN levels, the Government ensured at the Ministerial that the tariff reduction formula addressed the problem of tariff peaks and escalations under which developed world puts more duty on valued added products.

India's attempt for free and fair international trade moved "a significant step forward" at the Ministerial meeting with all nations coming together to engage in a process to set rules for equitable global trade, he said.

On the question of Non-Agricultural Market access "flexibility" has been provided for by which Indian industry can have a set of sensitive items where tariff reduction will not fully apply.

In the areas of trade in services, technical barriers to trade still exist such as visa restrictions, the Minister said and added that these issues still need to be addressed before a final agreement is reached.