Indiaâ€™s trade minister said on Tuesday that wealthy countries need to be more flexible on agricultural subsidies if global trade talks are to re-commence following the failed WTO talks in Geneva late last month.
Commerce and Industry Minister Kamal Nath said he is currently engaged in talks with WTO President Pascal Lamy and trade ministers from several countries to attempt to reignite trade negotiations. Nath was speaking at a WTO seminar organized by Federation of Indian Chambers of Commerce and Industry in New Delhi.
India wants to move forward. Everybody wants to move forward, Minister Kamal Nath said. He urged developing countries to guide developments in improving market access, according to The Hindu newspaper.
Nath said that India was already providing market access to the EU and the US, adding that the country's average tariffs on imports from EU stood at 6 percent, while tariffs on US was 5.7 percent from between 2005 till 2006.
Finance ministers in developing countries have asked that the EU and U.S cut agricultural subsidies and tariffs in order to assist poorer nations whose economies rely heavily on small cash crops, such as bananas, cocoa or cotton.
Late last month, trade ministers from the United States, the European Union, Australia, Japan, India and Brazil - known as the G6 â€“ failed to reach an agreement over farming subsidies which delayed trade talks indefinitely.