US suggests bilateral approach to trade with India
28 Nov 2006
Mumbai: The Bush administration has suggested a bilateral approach to sorting out issues with India that are preventing market access in both countries rather than waiting for the World Trade Organisation (WTO) to conclude its negotiations.
A bilateral approach in dealing with issues of market access as was done in the case of mango could speed up market access and give a fresh impetus to Indo-US trade, deputy US trade representative Karan Bhatia said on the sidelines of a conference organised by CII.
The Doha round of world trade talks remains stalled on agriculture subsidies and tariffs.
The US had in-principle agreed to allow import of Indian mangoes, which were earlier restricted due to sanitary and phyto-sanitary regulations, during President Bush''s visit to India.
He, however, wanted greater openness on the part of India to spur its growth and economic engagement with US. Bhatia emphasised on opening up sectors like satellite communication, financial services and agriculture. India, meanwhile, said there are "strategic flaws" in the global trading system and these need to be corrected for resumption of the Doha Round of WTO talks, which are suspended since July.
There should not only be "relaxation" but also "justice" in the global trading system, commerce minister Kamal Nath said in the Lok Sabha in reply to questions, adding the government was proceeding in the WTO talks with this objective in mind.
India has been engaged in the WTO negotiations to ensure its "core concerns and interests" continue to be adequately addressed, he said, adding that India''s accession to the WTO regime has overall been beneficial for the country.
