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India opposes fresh multilateral talks at Commonwealth meet

India is totally opposed to opening a fresh round of multilateral trade negotiations as it feels the international community must first experience its participation in the World Trade Organisation, which came into existence following the Uruguay round of negotiations.

This became evident in the executive session of the heads of state or government on Friday evening during discussions on the theme of this year's commonwealth summit: 'Trade, Investment and Development: Road to Commonwealth Prosperity'.

Official sources said differences surfaced in the Commonwealth over the pace of globalisation and related matters. Some developed countries wanted to quicken the pace of globalisation, meaning that all market economy countries get integrated globally being subject to common trading rules.

However, several smaller states, notably Singapore and Malaysia, demanded a new round of multilateral trade negotiations as their participation in the World Trade Organisation, following the end of the Uruguay round of negotiations, had adversely affected their trade volumes.

Even New Zealand supported the proposal for a fresh round of multilateral negotiations.

Prime Minister I K Gujral expressed the view that it was too early to open another round of negotiations as the international community was yet to absorb the full impact of the Uruguay round which took seven years to result into an agreement on WTO.

He said the Indian economy had also been affected by its participation in the WTO.

India, as the largest as well as an influential member of the Commonwealth, has always played an important role in decision-making and its moderate approach was expected to be reflected in the economic declaration to be adopted by the Commonwealth summit on Monday.

UNI