Together, India & China can extract better gains in trade talks
The conclusions of the Doha round of talks have become quite
predictable. They always start on a similar note, with lots of promises to deliver on key issues related to world trade, but end up just about where they began. The same happened to the recently concluded Doha round of talks. While in the beginning it seemed that the developed and the developing countries would finally settle down to something. In the end, the talks simply broke down.
But what was different this time from the earlier talks is that the point of influence has shifted from the Quad (which includes EU, US, Japan and Canada) towards China and India. Till now it was the Quad group that decided which way the talks would go and why and on what matter the talks would end. This time, unlike the past talks, it was the rigidness on the part of the two Asian giants (India and China in one rare act of solidarity), which forced the talks to end in a deadlock. The two countries simply refused to accept the cut in the subsidies that the EU and the US were proposing and said that these cuts are just not enough. As per Celso Amoriumn, the Brazilian Foreign Minister and trade negotiator, the collapse was a sign that the nature of talks has changed.
The shift is because China and India have grown substantially and have huge markets; which means huge stakes for first world companies. “But at this point, India and China are not very powerful alone”, said Henry Y. Wan Jr., Professor, Economics Department, Cornell University to B&E. But together, they are a powerful block. By forming more consensus with each other, they could further strengthen their bargaining power.
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Source : IIPM Editorial, 2008
The conclusions of the Doha round of talks have become quite
predictable. They always start on a similar note, with lots of promises to deliver on key issues related to world trade, but end up just about where they began. The same happened to the recently concluded Doha round of talks. While in the beginning it seemed that the developed and the developing countries would finally settle down to something. In the end, the talks simply broke down.But what was different this time from the earlier talks is that the point of influence has shifted from the Quad (which includes EU, US, Japan and Canada) towards China and India. Till now it was the Quad group that decided which way the talks would go and why and on what matter the talks would end. This time, unlike the past talks, it was the rigidness on the part of the two Asian giants (India and China in one rare act of solidarity), which forced the talks to end in a deadlock. The two countries simply refused to accept the cut in the subsidies that the EU and the US were proposing and said that these cuts are just not enough. As per Celso Amoriumn, the Brazilian Foreign Minister and trade negotiator, the collapse was a sign that the nature of talks has changed.
The shift is because China and India have grown substantially and have huge markets; which means huge stakes for first world companies. “But at this point, India and China are not very powerful alone”, said Henry Y. Wan Jr., Professor, Economics Department, Cornell University to B&E. But together, they are a powerful block. By forming more consensus with each other, they could further strengthen their bargaining power.
For Complete IIPM Article, Click on IIPM Article
Source : IIPM Editorial, 2008
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