Commerce Minister Kamal Nath will participate in the ministerial meeting of the group of 33 countries (G-33) at Jakarta June 11-12 to discuss special products and safeguard mechanisms in multilateral trade.
The ministers are expected to discuss these two issues within the World Trade Organisation (WTO) so that the sensitivities of G-33 members can be factored in the first approximation expected in July, a press release said.
The focus will be on the parameters laid down in the framework agreement of the WTO entered on Aug 1 last year that contains two major elements of interest to developing countries in agricultural market access.
These are flexibility to developing countries to designate appropriate number of products as special products based on their food security and special mechanism against surge in imports to safeguard domestic producers of farm products.
"Rural development and food and livelihood security constitute the main concerns of most developing countries in the current agriculture negotiations," the press release said.
Indonesia is the coordinator of the G-33 that now has 42 member countries such as Barbados, China, Congo, Cuba, India, Indonesia, Kenya, Mauritius, Madagascar, Pakistan, Sri Lanka, Turkey, Uganda, Venezuela, Zambia and Zimbabwe.
Of these, 10 members are common to both groupings - China, Cuba, India, Indonesia, Nigeria, Pakistan, Philippines, Tanzania, Venezuela and Zimbabwe.
While G-20 consists of developing countries with exporting interests as well as defensive interests in the farm sector, G-33 includes only those developing countries with defensive interests in agriculture.
Indo-Australia committed to resolve agri-trade issues
Publish Date : 3/3/2007 7:21:00 AM
The agri-trade has become a very contentious issue in the World Trade Organisation (WTO), but India and Australia have agreed to resolve issues coming in the way of trade in agricultural goods by setting up a mechanism.
RBI to absorb more liquidity to contain inflation
Publish Date : 3/3/2007 7:11:00 AM
In a bid to further contain inflation, Reserve Bank of India today announced a modified market stabilisation scheme (MSS) and liquidity adjustment facility (LAF) to suck out Rs 11,500 crore from the system.
Gold and Silver prices turn distinctly weak
Publish Date : 3/3/2007 7:03:00 AM
Both the precious metals today turned distinctly weak on the bullion market as silver plunged by Rs 570 and gold by Rs 155 on heavy stockists offerings tiggered by sharp fall in the global markets.
Further fall in gold and silver prices
Publish Date : 3/2/2007 7:06:00 AM
Both the precious metals continued to decline on the bullion market here today on sustained offering from stockists in view of fall in the international markets.
Rupee ends marginally up at 44.26/27 a dollar
Publish Date : 3/2/2007 7:03:00 AM
The rupee today ended marginally higher at Rs 44.26/27 a dollar, supported by a smart recovery on equity markets coupled with fresh exporters' dollar sales.
Hyundai domestic sales up 74 pc in Feb
Publish Date : 3/2/2007 7:01:00 AM
Hyundai Motor India today reported a 74 per cent increase in its domestic vehicle sales during February at 15,459 units compared to the same month last year.
Hutchison Telecom files caveat fearing legal move by Essar
Publish Date : 3/2/2007 6:59:00 AM
Hong Kong-based Hutchison Telecom has filed a caveat before the Bombay High Court to ensure that its plea is heard in case Essar moves the court, challenging the the foreign partner's decision to sell stake to Vodafone.
Skoda slashes car prices up to Rs 24,000
Publish Date : 3/2/2007 6:56:00 AM
As car makers Maruti and Hyundai announced a hike in prices, luxury car maker Skoda Auto today slashed prices across all models by up to Rs 24,000 citing reduction in customs duty on imported car parts in the Budget.
Bond prices continue to decline
Publish Date : 3/1/2007 8:30:00 AM
Government bond prices continued to decline on persistent selling while call rates eased in view of ample liqudity in the system.
India should be more conscious of global developments: RBI
Publish Date : 3/1/2007 8:19:00 AM
The Reserve Bank of India today said the steep fall in Indian stock markets was a contagious effect of plunge in overseas bourses and the country should have strong market and regulatory mechanism to avoid disruption in markets.
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