India, US should show courage to make compromises for WTO deal
NEW DELHI: President Barack Obama on Monday said that both India and the US should show "courage" to make compromises for the successful conclusion of a global trade deal under the Doha negotiations of WTO.
we can keep striving for a Doha Round that is ambitious and balanced--with the courage to make the compromises that are necessary so global trade works for all economies," Obama said in his address to Members of Parliament.
Developing counties like India have been demanding that rich nations should reduce agricultural subsidies to their farmers and ease visa norms for professionals.
On the other hand, the developed nations like the US and UK want the emerging economies to reduce agricultural and industrial tariffs.
The Doha Round of talks was launched in the Qatari capital in 2001 by the WTO. The goal of the Round is to reduce trade barriers in order to expand global economic growth, development and opportunity.
World leaders at platforms like G-20 have repeatedly called for early conclusion of the talks.
"As G20 partners, we can make sure the global economic recovery is strong and durable," Obama said.
As per the World Trade Organisation (WTO), representing 153 nations, the global trade could get a significant boost from the conclusion of the Doha Round of talks.
Economists at a recent WTO workshop were of the opinion that a Doha Round package on market access in all goods and on agricultural subsidies, could add $121 billion to $202 billion to the world economy.