Trade & investment

EU, US must take first steps on Doha round, Indian PM tells ICC

  • 29 November 2006

In a meeting with ICC Chairman Marcus Wallenberg today, Indian Prime Minister Manmohan Singh said India will make every effort to re-start the Doha trade talks, but that the EU and the United States must be the first to offer new concessions.

Since the suspension of the World Trade Organization’s Doha trade round in July, Mr Wallenberg has been pressing political leaders to become more actively involved in re-launching the talks and bringing them to a successful conclusion.

“India believes very much in the Doha round, but India will not take the first step – we are waiting for the EU and the Americans to make some concessions,” Mr Singh said. “We must remember that this is development round.”

Speaking on behalf of companies worldwide, Mr Wallenberg emphasized that the rules-based, multilateral trading system provides by far the best conditions for both business and the global economy to thrive.

“We must not let this round fail,” Mr Wallenberg said. “There is far too much to lose.”

Earlier in the day, Mr Wallenberg met with Indian Minister for Commerce and Industry Kamal Nath, who was heading to the WTO headquarters in Geneva to participate in talks aimed at kick-starting the Doha round.

Mr Wallenberg was accompanied by President of ICC India and Chairman of YKM Holdings Group Y.K. Modi, Chairman of JK Holding Group of Companies and former ICC Chairman Hari Shankar Singhania, ICC Secretary General Guy Sebban, Senior Vice-President of SEB Erik Belfrage and Executive Director of ICC India Ashok Ummat.