The recent impasse in the WTO talks in Geneva is really regrettable. With the Doha round of trade talks already two years behind schedule, the failure to make progress in the vexed negotiations, whatsoever, is definitely an indication that lack of political will in key capitals has taken its toll as usual.

I feel our Commerce Minister was very clear in sounding the message that India was willing to negotiate commerce but not subsistence, livelihood and security.

I was hopeful that there would be some kind of breakthrough this time round owing to the fact that the US presidential elections are scheduled for 2008. This means that Bush administration’s fast-track authority to strike trade deals will expire next year. Under such circumstances, I fear that the Doha round has to be either wrapped up or put on hold till the elections. If that is to be so, all WTO members including India are put in a difficult spot.

With such a gloomy situation ahead, I feel the trade ministers should have shown some degree of flexibility and engaged in negotiations to cut farm subsidies and tariffs on industrial goods.

I would however choose to be optimistic that good sense among the members of the two blocs – developed and developing and poor nations will prevail. We need to sort out all differences and create atmosphere conducive for the exim community. Whatever decisions are taken will affect the exporter/ importer directly or otherwise. We need to put that in perspective

Monthly Economic & Commercial Report on Brunei for quarter ending June 2006 giving latest updates on developments directly affecting India's foreign trade and investment.

The Micro, Small and Medium Enterprise Development (MSMED) Bill, 2006 aimed at promotion and development of SMEs, has been enacted following the President's nod on 16th June, 2006.