Business Daily from THE HINDU group of publications
Sunday, December 14, 2008
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Business Daily from THE HINDU group of publications Sunday, December 14, 2008 ePaper | Mobile/PDA Version | Audio | Blogs |
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Update at 1330 hrs (IST)
Industry FICCI criticises US push for sectorals in WTO NEW DELHI: The US seeking zero duty commitments on sectors such as chemicals from India and other developing countries has come in for a sharp criticism from the Indian industry. The WTO Director General, Mr Pascal Lamy has abandoned plans to call a trade ministers meeting Geneva next week, as he found no 'political drive' between the rich and developing countries for reaching a multilateral agreement for duty cuts. The US has been exerting pressure on developing countries such as India to make commitments at the WTO to eliminate or drastically cut duties on chemicals, electrical electronics and industrial machinery. “Any provision for mandatory sectorals at this stage would destabilise and harm the Indian industry including our micro, small and medium enterprises,” FICCI Secretary General, Mr Amit Mitra said. The chamber further said that US-based National Association of Manufacturers (NAM) which has been consistently pressing for sectorals, has recently stated that WTO Ministerial Meeting must await consensus on sectoral agreements. “NAM is of the view that India along with Brazil and China, must participate in eliminating tariffs in industrial machinery, chemicals and electronics industries,” it added. - PTI
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