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In the wake of the collapse of the WTO ministerial conference in Geneva, Commerce and Industry Minister Kamal Nath has assured that bilateral free trade agreements (FTA) and regional trade agreements (RTA) with the US would not be affected adversely. This statement has come in after the rejection of special safeguard mechanism (SSM) in agriculture in the developing countries by the US.
Instruments like SSM and special products (SP) were presented in the Doha mandate to safeguard the interests of farmers in developing countries. While the SSM protects the farmers in case of a sudden import upsurge or price dip, SP ensure a low tariff cut on vulnerable agri-products, especially those affecting the livelihoods of subsistence farmers and the food security of a nation.
Nath said, "Our relations with the US remain strong, and would get even better. In fact, we look forward to greater engagement with the US." He also said that such agreements were building blocks in the multilateral system and as such, "I would expect the processes to continue unhindered."
The minister, however, reiterated that there is a desperate need to insulate the vulnerable farmers in developing countries from import surge and price depression. (Source: The Economic Times)
August 2, 2008
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