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Chidambaram calls for Asian economic community
Shanghai: India's Finance Minister P Chidambaram, inaugurating the four-day "Made In India" business exposition in Shanghai, reiterated the idea of an Asian economic community, first mooted by former Indian Prime Minister Atal Bihari Vajpayee, and said India was "ready and committed to being an active and positive player in contributing to the cause of Asian economic integration".

India is mounting its biggest exposition to date in China's booming commercial capital.

Chidambaram said India-China commercial ties had "witnessed a quantum change in recent years" with trade set to cross the US$16bn mark this year. But Chidambaram warned both countries needed to "examine closely the narrow composition of the trade basket and the insufficient use of each other's competitive advantages".

The "Made in India" show features the participation of Indian companies across a wide spectrum of industries but the special focus is on showcasing the country's expertise in energy.

According to the latest Chinese customs statistics, bilateral trade between India and China during the first eight months of 2005 touched US$12.2bn and is set to cross the record US$13.6bn achieved in 2004.

The volume of trade in January-August was up by 40.4 percent over the same period last year.
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Left demands white paper on WTO negotiations - Govt. contests Left stance
New Delhi: A truncated lefty parties delegation handed over a note to commerce minister Kamal Nath, in which they demanded a white paper on the government's stance at the World Trade Organisation (WTO), after Parliament house security guards refused to let a couple members through, on the grounds that they were not members of the Parliament. The government said it would organise a fresh meeting with the Left at a mutually suitable date.

Reacting to some of the items in the 14-point Left note, commerce and industry ministry officials said the demand that India should stick with other developing countries did not hold ground as developing countries lacked a common perception on issues.

The ministry also contested the Left charge that India had abandoned the leadership of developing countries and was favouring a "capital-intensive and farm business-driven agriculture". It was particularly visible in the decision to team up with the Five Interested Parties, the Left note said.

Officials said India would have to look at issue-based coalitions at the WTO. "We have to look after our own interests and stick with countries on similar issues," they said.

Calling for a debate in Parliament before finalising the strategy, Left parties said the south-south co-operation should be the bedrock of India's strategy at the WTO and there should be no issue-based coalitions with the EU or the US.
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