The Hindu Business Line : IBSA forum for early conclusion of WTO talks

New Delhi, July 18 India, Brazil and South Africa have urged the World Trade Organisation (WTO) members to reaffirm their commitment to achieve the necessary agreements so as to conclude the negotiations of the Doha Development Agenda.

The New Delhi Ministerial Communiqué 2007 issued at the conclusion of India-Brazil-South Africa (IBSA) Dialogue Forum adds that the three countries expressed the view that as members of the WTO Group of 20, they share the belief that the cornerstone of the current negotiations was the agricultural sector. This, the Ministers felt, was important as it was of utmost relevance for the well-being of most vulnerable sections of the populations in the three countries.

“In particular, agreement has to be reached to eliminate trade distortions, especially those limiting access to the developed countries’ markets, including domestic support and other forms of internal support instrumented by the developed countries. Meaningful and operable special and differential treatment, which includes development instruments of Special Products and the Special Safeguard Mechanism are vital to address the concerns of developing countries with subsistence and low-income farmers,” the Communiqué adds.

The Ministers emphasised that any progress towards achieving these goals would have a positive impact on the overall process of the Doha Round, in particular in the NAMA and services negotiations.

The Ministers noted that an effective ‘Aid for Trade programme’ would enhance growth prospects and reduce poverty in developing countries. As this requires substantial, additional, targeted resources for trade-related programmes and projects, the Ministers urged developed countries to leverage their aid for infrastructural development so that developing countries, particularly LDCs, could benefit from the present level of market access available to them.

Open world economy

The Communiqué underlined that a more open world economy which takes into account the promotion of financial flows, notably foreign direct investment, in a way that contributes to the sustainability of development, the transfer of avant-garde technology and the creation of decent employment, all of which are tools for the definitive fight against poverty

The Ministers reaffirmed their commitment to implementing the determination of the Heads of State and Government concerning the expeditious establishment of the working group to focus on the modalities for the envisaged India-Mercosur-SACU Trilateral Free Trade Agreement (T-FTA).

The Ministers also stressed on the necessity of reforming the International Financial Architecture, specially by enhancing the voice and participation of developing countries in the Bretton Woods institutions and expressed concern at the slow rate of progress that has been achieved so far.

Earlier, addressing the meeting, the Minister for External Affairs, Mr Pranab Mukherjee said the trade target of $10 billion among the three countries by 2007 was likely to be achieved. “It will be our endeavour to further increase trade and investment flows among us,” the Minister added.