Failing to build a consensus in political circles on the World Trade Organisation’s Doha Round negotiations, WTO director-general Pascal Lamy has called out for support and co-operation from the international business community to break the impasse over the contentious issues.
The global business fraternity is expected to take it forward at the forthcoming Group of 20 meeting (G-20), scheduled in November with a view to building consensus.
Lamy held closed-door meetings with the Indian industry chambers — Federation of Indian Chambers of Commerce and Industry (FICCI) and the Confederation of Indian Industry (CII) on the issue.
"The industry wants the Doha Round negotiations to be concluded and it needs to play a critical role in breaking the impasse," a source familiar with the development told Hindustan Times.
FICCI and CII would work closely with the French business lobby, Medef, which would play a critical role as the G-20 summit would be held in France.
"Until now the political circles were trying to iron out the differences but the business fraternity needs to build a consensus as well which could be pushed even at the G-20 summit," the source said.
On Monday, commerce and industry minister Anand Sharma said that in a bid to avoid dampening global economy and trade, the Doha round of the WTO must not be allowed to collapse, which could even lead to protectionism.
{{/usCountry}}On Monday, commerce and industry minister Anand Sharma said that in a bid to avoid dampening global economy and trade, the Doha round of the WTO must not be allowed to collapse, which could even lead to protectionism.
{{/usCountry}}Lamy, who is currently on a two day visit to India said that the Doha Round negotiations —which was initiated in 2001 —was "deadlocked."
There was lack of consensus between the developed and the developing nations on the extent of liberalisation of trade in industrial goods, agriculture and services, though the move was initiated to liberalise trade.