We're selling or will be soon selling control of pieces of the nation's infrastructure to foreign companies, why stop there?
G-8 agrees to subsidy cuts for WTO's success
The world's top eight industrial nations on Monday appeared to have climbed down from a tough position on farm subsidies, reviving hopes of resumption of the collasped WTO talks.
"The Doha Round should deliver real cuts in tariffs, effective cuts in subsidies and real new trade flows," a statement issued at the G-8 Summit in St Petersburg said emphasising, it is "fully committed to the development dimension of ongoing WTO talks."
Regretting that the talks in Geneva failed early this month, the heads of government of US, UK, France, Japan, Canada, Italy, Russia and Germany said, "We commit ourselves to substantial improvement for market access in trade in both agriculture and industrial products and expanding opportunities in trade in services."
The WTO talks in Geneva collasped after the US stuck to its position and refused to move forward in cutting farm subsidies and desired by developing countries, including India.
"In agriculture we are committed to substantially reducing trade-distorting domestic support and to the parallel elimination by the end of 2013 of all forms of export subsidies a well as establishment of effective disciplines on all export measures with equivalent effect as agreed in Hong Kong," the statement said.
"We urge all parties to work with utmost urgency for conclusion of the round by 2006-end to strengthen multilateral trading system," it added.
Earlier at WTO talks at Geneva, while the European Union had agreed to match the cuts in import tariff for farm produts that developing countries led by India and Brazil had asked for, the US was reluctant to move on farm subsidies.
With the US adamant on the issue of subsidies, there was no negotiating space for developing countries, Commerce Minister Kamal Nath had said on his return from the collasped talks.
The statement, which has revived hopes of resuming the stalled talks, said the Doha Round is a historic opportunity to generate economic growth, create potential for development and raise living standards across the world.
Asking WTO Chief Pascal Lamy to work towards agreement on modalities in agriculture and industrial tariffs within a month, the statement called up on all countries to commit to taking necessary action for successful completion of Doha round.
Only seven of the G-8 countries are WTO members while Russia is negotiating its entry in to it.
On the issue of Russia's entry in to WTO, the statement said the G-8 supported its expeditious accession to the WTO in accordance with the rules that apply to all its members.
The G-8 nations also renewed its commitment to pursue a high level of ambition in all areas of Doha Development Agenda with a view of reaching a meaningful and balanced outcome.
The G-8 said it was committed to the development dimension of Doha round and need to improve the participation of developing countries, including through South-south trade and enhanced regional integration.
Appreciating the problems of least developed countries to integrate in to the global trading system, the G-8 said it would continue to ensure that this was reflected in appropriate flexibility in the negotiations.