India commited to rule based multilateral trading:Kamalnath

Bangalore, Jan 17 (UNI) Asserting india is committed to play its rightful role in ensuring a rule based multilateral trading system Union Minister for Commerce and Industry Kamalnath today warned that any delay in the outcome of the Doha Round of trade negotiations of the World Trade Organisation will result in serious cost to developing countries.

Addressing the 13th CII Partnership summit here, he referred to the impasse in the doha round which had serious impact on global trade and said ''any negotiation that ignores the livelihoods of millions of people can never be successful''. he wanted both developed an developing countries to develop mindsets attuned to changing conditions.

At the same time, he said India was moving apace its reform programme, which was being widened and deepened. This, he said, would provide huge business opportunities to businesses from around the world.

Elaborating, he said the Foreign Direct Investment regime was getting progressively liberalised, new investments were being sought across different sectors and regulatory mechanisms were being strengthened besides overseas investments in key aras of infrastructure were being made most welcome.

Informing the global partners at the Summit that there could not have been any better time to engage with India and to do business in the country than now he said ''high, inclusive growth'' would be the bedrock of economic development of the country for the eleventh five year plan to kick start next year.

Referring to various external discussions India was engaged with various countries including the US, China, European Union and Japan during the last one year he said many new initiatives have emerged and many new paths have been forged. The incresingly outward oriention of the country was reflected in trade and investment figures with exportgs growing at three times the growth of GDP at around 25 per cent during the last four years.

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UNI