India, China to work for Doha Round talks
Mumbai, Nov 23: India and China are set to work together for successful development outcome of Doha Round of multilateral trade negotiations.
A joint statement issued by Union Commerce and Industry Minister Kamal Nath and China's Minister for Commerce Bo Xilai, at the India-China Economic, Trade&Investment Cooperation Summit here today said both of them have called for an early substantive resumption and successful conclusion to the Doha Round negotiations.
Mr Nath stated that there was a lot at stake for the developing countries, especially so as this was a 'Development Round'.
Besides, he added: ''Failure just cannot be countenanced.'' Both ministers observed that inflexible stances had led to the suspension of the talks in July 2006. In this context, Mr Xilai in his address observed:''flexibilities must be displayed before negotiations resume to ensure that success does not remain elusive.'' Further they resolved that they are willing to engage constructively with other trading partners to ensure a successful conclusion to the Round.
Both the ministers felt that the outcome must expand trade opportunities for all but at the same it must also achieve development objectives and safeguard crucial developing country interests such as livelihood security which are the avowed objectives of the Round.
Noting that investment flows between India and China had been miniscule so far, Mr Nath also proposed a target of US$ 5 billion worth of mutual investment which according to him should be easily achievable given the synergies and complementaries of the two economies additionally bolstered by the bilateral investment and promotion agreement signed recently.
The bilateral trade target of US$ 20 billion by 2008 set by both sides would be achieved in the current year itself, Mr Nath said while underlining the need for diversifying the composition of the trade basket to sustain the positive momentum in two-way trade.