Suspension of Doha Summit a setback to the growth of trade:Yamaguchi

Mumbai, Sep 28 (UNI) Claiming that the recent suspension of Summit level talks by member countries of the World Trade Organisation(WTO) at Doha is an immediate setback to the growth of international trade, chairman of Japan Chamber of Commerce and Industry (JCCI) Nobuo Yamaguchi said the negative development can jeopardize the volatile economic development of undeveloped countries including the calamity-ridden African continent.

Yamaguchi, who is visiting India along with a 40-member high powered Economic Mission from Japan, was addressing an interactive meeting on ''Current Situation and Future Prospects for Japanese Economy, and Business Interests'', at the Indian Merchants Chamber(IMC) here last evening.

On the occasion, a Memorandum of Understanding (MoU) was also signed between Yamaguchi, who is also Chairman of the Tokyo Chamber of Commerce Industry (TCCI) and IMC Vice-President Niraj Bajaj for mutual cooperation between the two chambers.

An elavated Bajaj commented ''the new MoU with Tokyo Chamber will further strengthen bonds of friendship as well as economies of the two countries''.

Responding to Bajaj, Yamaguchi asserted that the MoU will prove a boon to both the Japanese and Indian industries, particularly the small and medium enterprises. ''India was the largest beneficiary of the ODA from Japan,'' he added.

He added further the Japanese Chamber has proposed to expand the East Asian Bloc not only to include 13 Association of South EAst Asian Nations, countries, but also Australia, New Zealand and India.

''In fact, Japan, China and India has the potential to become the backbone of the East Asian Economic Area. Even though, within us there are differences on issues of tariff and trade pertaining to sectors such as agriculture, we need to find workable solutions to them and consolidate our unified Asian Economic Area entity,'' Yamaguchi stressed.

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