Many untouched by benefits of globalisation: Minister

Coimbatore, Tamil Nadu, Mar 1 (UNI) Minister of State for Law and Justice K Venkatapathy today said the benefits of globalisation in trade had not reached a larger part of world population.

Speaking at a function in a private college here, he said everyone was aware of the tussle between the developing and developed countries in the World Trade Organisation (WTO), over a host of issues.

"The developed countries pressurise the developing countries to open markets for their products, but they don't allow migration of labour from there. They force the developing countries to cut subsidy in farming sector while they themselves continue to provide it," he said.

Stating that the developing countries were concerned about the possible adverse effects of the new patenting system under the WTO on the prices of essential drugs, he said Trade Related Intellectual Property Rights (TRIPS), labour standards and environmental issues were the other main areas of contention between the two.

He said despite the fact that the WTO regime was not equitable, developing countries like India were forced to be a part of it, as the alternative trade agreement would be costlier and impractical.

UNI