Washington: Disappointed that a convergence of views could not be achieved at the latest meeting on the Doha round of WTO talks, Commerce Minister Kamal Nath has asked the developed world to come to a “greater understanding” of the developing nations.
“There would have to be a convergence of respecting sensitivities of each other,” Nath told the US India Business Council (USIBC) that is celebrating its 32nd anniversary of its establishment.
Stressing that with the globalisation of Indian economy, the rule-based system is critical to the country, he called upon the developed world to come to a “greater understanding” of the developing countries.
“It is important that the economies of the developing countries become healthy and remain healthy...only then the developed countries will find markets. That’s the heart of this Doha Round,” the minister said participating in a panel discussion on “Listening to One Another; The Importance of a Deeper Trade Relationship” on 27 June.
He reminded the audience that sensitivities on subsidies would have to be seriously factored into.
Pointing to the economic growth of India and in the progress that has been registered on the business and trade fronts, Nath said India is not just seeking investments but is investing abroad as well.
“The traffic is two way,” Nath said.