WTO Deal Can Be Sealed Soon - Jan 30, 2009

At the World Economic Forum meeting in Davos, Kamal Nath, the Commerce and Industry Minister on Jan 29 enlivened the otherwise sombre mood by sounding optimistic that a global trade pact under the Doha Round can be sealed soon.

Nath said, "I am optimistic that in the next couple of months with more intensive negotiations we should be able to close this round... we are perhaps in the last lap".

However, the trade ministers of key WTO members will meet here at the weekend to narrow the differences between the developed as well as the developing countries.

The Doha Round of negotiations, which was launched seven years earlier have failed to bring a consensus among the 153-members on the level of breaking trade barriers. However, the last Ministerial Meeting held in July collapsed due to the wide differences between the developed and developing countries.

Agreement With Luxembourg To Avoid Double Taxation Approved

New Delhi: The Cabinet Committee on Economic Affairs (CCEA) on Feb 21 gave its approval for the double taxation avoidance pact with the Grand Duchy of Luxembourg. The pact will stimulate the flow of capital, technology and personnel from India to Luxembourg and vice-versa, an official spokesperson said after the CCEA meeting. In April last year, both India and Luxembourg had agreed on the text of the proposed pact. It is hoped to benefit the manufacturing and airline companies of Luxembourg having linkages with India.