The Associated Chambers of Commerce and Industry of India (ASSOCHAM) conducts snap poll for WTO meeting.
The India Inc represented by a vast majority of the CEOs and CMDs want the crucial WTO Hong Kong Ministerial Meeting from December 13, 2005 to achieve significant success since the developing countries, which have forged an influential G-20 alliance, have much more at stake than the developed nations like the US and the EU.
A snap poll conducted by the ASSOCHAM Business Barometer of different industry segments shows that over 80 per cent of the CEOs and CMDs felt that the failure of the Hong Kong Ministerial Meeting, as happened in the Cancun Ministerial Meeting in September 2003, would damage the interest of the developing countries more than that of the rich nations.
They said the completion of the Doha Development Agenda by the end 2006 would be in the interest of countries like India, Brazil, China and South Africa since any delay in the successful conclusion of the Doha Round would help the countries like the US and the EU.
Chairman of the ASSOCHAM WTO Expert Committee, Mr. T K Bhaumik stated that what do they (EU and US) lose if the Hong Kong Ministerial Meeting fails? They would continue to fund their farmers with huge subsidy which in turn would continue to depress our markets.
In a way, they would be happy to buy time before they come round to the pressure of the developing countries to reduce domestic support and eliminate export subsidies in agriculture.
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