A section of Indian industry has opposed provisions in the latest World Trade Organization (WTO) text on non-agriculture market access (Nama), which it feels could lead to a situation in which controversial issues like sectorals will become binding on the country.
A Federation of Indian Chambers of Commerce (Ficci) release today said that the US is exerting pressure to make outcome of ‘sectoral tariff negotiations’ binding on WTO members including India.
Ficci’s statement on the Doha Round comes at the backdrop of hectic lobbying by US-based industry body National Association of Manufacturers’ to bring India and China in to the sectoral negotiations.
Sectoral talks relate to complete slashing of import duties in 14 identified industrial sectors. These cuts are additional to the proposed formula-based import duty cuts that every country will have to undertake, if the Doha deal is inked. Indian industry is wary of pressure by the US to make sectoral talks mandatory, as it could mean slashing of import duty on key sectors, including chemicals, industrial machinery as well as electrical and electronic goods. This would mean that cheap goods from abroad could flood the domestic market, causing problem to the Indian industry.
Content Guide
