As another WTO deadline eluded all, the blame game has started once again. And even though WTO officials have now set a new June deadline, I feel that nothing concrete is likely to emerge this time too.

I was looking for some realism in the agriculture sector from the developed bloc which sadly didn’t happen.

Interestingly what the US is currently demanding is not acceptable to most WTO members and cannot be implemented in Europe. Amidst such circumstances I feel US should amend certain points to help the bloc representing half of humanity, the poor and developing nations.

I strongly feel that WTO is dying a natural death. People are not ready to bond and work around issues like subsidy. India has to look at it interests in such a situation. The developed countries have taken away barriers like quotas, but are playing around with non-tariff barriers. These double standards will benefit none in the long run.

The death of WTO will not harm India much if India succeeds in improving bilateral trade with respective countries. Today we do barely 5 percent bilateral trade. We need to look at SAFTA and regional trade to negate the flops of WTO talks.

Several exporters and importers I met recently opined that WTO members’ lack of political will to reach an agreement in agriculture and goods was the main reason for the failure. Even I would like to agree with the Exim community that WTO members must be ambitious and any meeting must now yield new and commercially significant results.

We have passed that finger-pointing stage. Blaming one another will help none. What we need now is a demonstration of strong political will failing which both developed and developing countries alike are likely to lose.

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

It's a clear thumbs-down for the pessimists who had painted a bleak picture for the Indian textile industry in the post-quota regime although the question is – will the Indian industry now focus on the US market or will it go more aggressively to develop its already bouyant market in the European Union?
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