India, China, Brazil scale 'new level of influence' in WTO

Image
Press Trust of India Washington
Last Updated : Jan 21 2013 | 2:08 AM IST

India along with China and Brazil have come to enjoy a "new level of influence" in the WTO and would be expected to accept greater responsibilities in the global trade deal under Doha negotiations, the US has said.

"As today's fastest growing economies, China, Brazil and India have enjoyed a new level of influence (in the WTO) and each will be expected to take on an increased level of responsibility...," US President Barack Obama's Trade Policy Agenda for 2010 said.

Describing these countries as "advanced developing countries", the US sought "meaningful new market access" from the three.

"The recent emergence of China, Brazil, and India as recognized 'majors' within the World Trade Organisation (WTO) represented an important step forward, moving the overall negotiating dynamics to more closely reflect the dynamic economic reality of today’s trading system," the trade agenda said.

Opening up markets in the advanced developing countries for products from advanced economies remains the "core challenge" of the nine-year-old  Doha negotiations, the US said.

India, Brazil and China want removal of the historical distortions like huge domestic and export subsidies in the rich nations for the 'development agenda' of the negotiating round to be achieved.

China and India are the two fastest growing economies in the world expanding between 7.5 and 9.5 per cent even during the global slowdown.

The three nations have emerged as prominent voice of the developing countries not only in the WTO but also on other international issues like climate change.

An overwhelming majority of 153 WTO members want conclusion of the global trade negotiations, which began in 2001, but have been stalled by protectionist trends in the rich nations like the US.

*Subscribe to Business Standard digital and get complimentary access to The New York Times

Smart Quarterly

₹900

3 Months

₹300/Month

SAVE 25%

Smart Essential

₹2,700

1 Year

₹225/Month

SAVE 46%
*Complimentary New York Times access for the 2nd year will be given after 12 months

Super Saver

₹3,900

2 Years

₹162/Month

Subscribe

Renews automatically, cancel anytime

Here’s what’s included in our digital subscription plans

Exclusive premium stories online

  • Over 30 premium stories daily, handpicked by our editors

Complimentary Access to The New York Times

  • News, Games, Cooking, Audio, Wirecutter & The Athletic

Business Standard Epaper

  • Digital replica of our daily newspaper — with options to read, save, and share

Curated Newsletters

  • Insights on markets, finance, politics, tech, and more delivered to your inbox

Market Analysis & Investment Insights

  • In-depth market analysis & insights with access to The Smart Investor

Archives

  • Repository of articles and publications dating back to 1997

Ad-free Reading

  • Uninterrupted reading experience with no advertisements

Seamless Access Across All Devices

  • Access Business Standard across devices — mobile, tablet, or PC, via web or app

More From This Section

First Published: Mar 02 2010 | 3:53 PM IST

Next Story