Tuesday, March 28 2006 20:12 Hrs (IST) - World Time -

Dubai: Commerce and Industry Minister Kamal Nath has hit out at western countries for opposing free trade and cross-border investment like Mittal Steel's bid for Arcelor and Dubai Ports World's proposed investment in the US.

The supporters of free trade do not believe in 'fair trade', Nath said at a reception organised by the Indian Business and Professional Council here last evening (Mar 27, 2006).

"Free traders talk of national treatment in cross-border movement of capital, yet they oppose DP World and Mittal's bid," Nath, who had earlier warned the EU that attempts to thwart the acquisition by Mittal violated WTO rules, said.

"Those days of free lunch are over," he said adding India is joined by 105 other countries in opposing some of the WTO agreements.

Nath said India does not oppose DP World's investments in India and anywhere in the world.

The DP World's deal involving a control of six ports in the US was involved in lot of controversy forcing the company to pull out of the deal.

Asked whether India has any plans to open up the retail sector, the Minister said "with only two per cent of the sector is organized, and the bulk comprising 'mom and pop' shops, India needs a special model to deal with the issue.We have not found out a model right now."