🐂 Not all bull runs are created equal. November’s AI picks include 5 stocks up +20% eachUnlock Stocks

India says Doha deal does not need to be perfect

Published 10/30/2009, 11:47 AM
Updated 10/30/2009, 11:51 AM

By Matthias Williams

NEW DELHI, Oct 30 (Reuters) - India on Friday warned negotiators against holding out for the best possible outcome on individual issues in Doha, saying it blocked progress at a time when patience with the world trade talks was wearing thin.

Trade secretary Rahul Khullar, speaking at a gathering of trade officials and experts, said countries should compromise on a "lite" position in tricky disputes to push dialogue forward.

"I plead and implore with you that it is a very good time to bank what you can get right now," Khullar said. "What's wrong with Doha lite? If that's all you can get done at this point of time, why are we not going ahead and doing it?"

Countries such as India say a global commerce deal would deliver a boost to the world economy in the wake of financial crisis and help stave off protectionism.

But Doha remains elusive after eight years of talks, and the World Trade Organisation warned countries will miss a 2010 target for a deal unless the pace of negotiations was stepped up.

The talks broke down in July 2008 in a row over farm and industry tariffs, for which some critics in developed countries blamed India. The dialogue has since resumed, which negotiators say has often been frustratingly slow.

"How long are we going to do this dance and get nothing done?" Khullar said. "People's patience has worn extremely thin."

Estimates of the value of an agreement, which would be phased over several years, vary. Washington's Peterson Institute for International Economics, says it could raise world GDP by $300-700 billion a year.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.