Prime Minister A B Vajpayee, backed by the BJP, has decided to set up a committee to examine the impact of the WTO agreement on India and suggest ways for the country to derive the maximum leverage from any opportunity that may come its way in future.
The proposed committee will consist of the ministers in charge of the economic ministries and the minister for science and technology, former BJP president Dr Murli Manohar Joshi. It will be headed by commerce minister R K Hegde. However, Vajpayee is yet to discuss the issue with Hegde, an aide to the PM said.
According to the aide, anything short of pulling out of the WTO would be acceptable to the government. The government will try to utilise all negotiation opportunities to extract the maximum benefits for India from the WTO.
The committees brief will be to examine the possible fallout of the WTO agreement on various sectors of the Indian economy, including agriculture, finance, textiles and research and development in traditional medicine. Thereafter, the committee will examine how the country can leverage its position during future negotiations.
Such an opportunity would come before the country when review of laws are taken up in future, the PM aide said.
The committee is actually an idea approved by the BJP executive committee which was exercised over the World Trade Organisation agreement and its adverse impact on India.
The PMO source claimed that the previous government of United Front completely neglected this aspect of the World Trade Organisation negotiations and signed on the dotted line.
Prime Minister Vajpayee had to publicly respond to the National Executives concern on World Trade Organisation when he promised to protect the interests of the Indian industry.
The Prime Ministers aide ruled out the Prime Minister attending the meeting of the heads of states for the 50th Anniversary celebrations of the formation of GATT on May 19 this year.
Finance Minister Yashwant Sinha has been quoted by a newspaper saying Vajpayee has been invited to attend the meeting and that he would talk to the Prime Minister on his return to India. Sinha, interviewed in Geneva, has said that World Trade Organisation director general Renata Ruggiero had extended an invitation to the Indian Prime Minister.
