India and South Africa have recently called for the wealthier nations to offer further cuts in their farm subsidies in order to help revive the global trade negotiations. Both the Indian Prime Minister Manmohan Singh and South African President Thabo Mbeki said that the suspension of the Doha Development Round of trade talks was not only disappointing, but it also resulted to serious setbacks on the part of the developing nations. The members of the World Trade Organization were supposed to reach a consensus and come up with an outline of an agreement last July. But the global trade negotiations collapsed after six key players, including the US, the EU, India, and Brazil, had failed to settle their disputes. On one hand, the richer countries have sought for more access into the markets of the developing nations. On the other hand, the developing countries have demanded the wealthier nations to offer more cuts in their farm subsidies.India and South Africa have already agreed to cooperate more in multilateral fora like the G-20, G-77, and Commonwealth in order to resolve many global trade issues and challenges. Both Mr. Mbeki and Mr. Singh were disappointed that the Doha Round of trade talks… Read full this story
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