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Home -> Finance -> Full Story
'Developing nations can gradually cut customs duty'
Friday, February 14 103 17:48 Hrs (IST)

Tokyo: In a significant gain for the developing countries, the WTO (World Trade Organisation) has proposed that they can gradually cut customs duty on agricultural products over a period and continue state subsidy and extraordinary support.

A draft by chairman of the WTO Committee on Agriculture Stuart Harbinson, circulated at the start of the three-day mini-ministerial meeting in Tokyo on February 14, has come in for praise from developing countries but was viewed as a jolt to many developed nations, including Japan and EU.

The draft, though dubbed as "US centric", was seen as addressing some of long-standing objections from developing countries in opening up the industrialised nations' farm sector to their exports.

A high-power Indian delegation including Commerce Minister Arun Jaitely and Agriculture Minister Ajit Singh are expected to articulate India's reservations on market access on the ground that their opening up should be linked to industrial nations dismantling trade-distorting farm subsidies.

India is also expected to use the opportunity to press during the negotiations on trade and services for free movement of professionals without any immigration hassles.

PTI



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