Oxford: India has asked the U.S. to cut farm subsidies by just $1 and New Delhi will come on board for a deal on the Doha Round of trade talks which has dragged for seven years.
“My offer to the U.S. is that they should reduce their subsidy by just $1 and we have a deal,” Commerce and Industry minister Kamal Nath said at a conference on globalization, held by FICCI and University of Oxford.
But the U.S. has not been forthcoming, Nath said. “They say: forget about reducing the subsidy even by a single dollar, we want to have a right to double it in the next 10 years,” he said.
He said the British leadership, both in government and academia, should try and influence U.S. administration to be reasonable and agree for removal of “structural flaws” that have marked the World Trade Organization for the last 13 years.
Nath arrived in UK from the U.S. where he had several meetings, including the one with U.S. trade representative Susan Schwab. While, he said there was progress in talks, the U.S. has accused India of wrecking negotiations by “working behind the scenes”.
Nath did not agree that it was India alone which had differences with the U.S. on the issue of farm subsidies, livelihood concerns and opening market for industrial products. “There is no question of India destroying any deal. There are 100 other countries which share most of our concerns,” he said.