Call Static Around 8.25-8.3%

India has given itself a most costly and useless toy "�"� its nuclear policy, says Meghnad Desai

It is difficult to keep a straight face or a calm mind when faced with policy interventions such as have happened during the week of celebrating the 52nd year of Independence. On the one hand, quite sensibly, India has taken the lead in getting 15 developing countries together to set out a common strategy for the WTO Ministerial Conference in November in Seattle. The news that I read tells me this is sensible and hard headed and not doomed to failure. It is indeed well thought out without being too doctrinaire.

The essence of the problem is that at Seattle attempts will be made to extend the scope of WTO, especially about the Social Clause, the Green Clause etc. There will also be an attempt to move the MAI agenda on multilateral investment. I am all in favour of globalisation as readers know and do not think that MAI is the root of all evil. But the important thing is that WTO has as yet the unfinished task of opening out markets of developed countries for developing countries. This was after all the entire purpose of the Uruguay Round where developing countries took the initiative to extend Gatt to many more countries. (There was a serious misinformation process in India about the Dunkel Draft etc., but luckily it did not stop India from signing up in Marrakesh to the WTO.)

Now the point is that before we go any further, the trade liberalisation agenda has to be completed. India has now said that should be the basic demand of developing countries at Seattle. This is a better strategy than any foolish dreams about annulling the WTO or cancelling TRIPS. Globalisation is scarring the developed countries into reneging on their free trade commitment. Rath