India Signs Telecom Pact, Sticks To 25% Foreign Ownership Offer

India joined 67 countries in signing a global telecommunications pact at a World Trade Organisation (WTO) meeting in Geneva late on Saturday. Under the accord, signatory nations will open up long-protected telecom monopolies to competition f rom both foreign and domestic firms based on their commitments made at the talks.

We are celebrating a very important victory, a beaming Renato Ruggiero, director-general of the WTO, told a news conference in Geneva just after officials from 68 countries had signalled their assent. The deal, he declared, will bring lower costs for consumers around the world, both ordinary people and businessess, and will be especially beneficial for the development of the world's poorest countries.

Ending government and private monopolies that still control the industry in many countries would bring rapid growth over the whole telecom sector and could add $1 trillion