’High time we signed RTAs’
Financial Express, New Delhi, May 10, 2005
’High time we signed RTAs’
NEW DELHI, MAY 9: Commerce and industry minister Kamal Nath has said that India is specifically looking at regional trading agreements (RTA) to boost its trade.
Speaking at an interaction organised by the Confederation of Indian Industry (CII) on Monday, Mr Nath said that with agreements such as the North America Free Trade Agreement (Nafta), the European Union (EU) and the Association of South East Asian Nations (Asean) in place for a long time, it was crucial for India to get into RTAs. "Without such agreements India faces the risk of being isolated globally. India must engage in trade on a regional basis", he said.
Commenting on the informal World Trade Organisation (WTO) related meetings held in Paris recently, Mr Nath said India had made it clear to developed nations that it was not willing to import the subsidies given by them to their farmers.
"Subsidies create artificiality of prices and this is not acceptable to us," he said.
Addressing industrialists he said that the challenge before India was how it could make agriculture a commercial activity.
"If we can increase the disposable income of our 600 million farmers, one can imagine what a boost it will give to our economy," he said.
