Nov 19, 2010
If Indian exports rise, 7.5 million jobs may be created here every year, says WTO's Pascal Lamy
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If Indian exports rise, 7.5 million jobs may be created here every year, says WTO's Pascal Lamy:-
The impasse over the World Trade Organization’s
(WTO) Doha round of trade talks may be resolved in the next six months
as several countries have managed to sort out some of their differences.
“We feel that if countries manage to resolve
their differences within next six months, we have a great possibility
of reaching to an agreement by the end of 2011,” Pascal Lamy, WTO
director general, said in Delhi on Friday. “Some differences still
persist but we are hopeful it will be resolved by the middle of next
year.”
Expansion of trade has generated jobs across
the globe, Lamy said, emphasizing the need to break the stalemate.
About 14 million jobs were created directly or indirectly in India as a
result of increased exports between 2003 and 2008, he said.
“If the Indian merchandise exports grow at
an average of pre-crisis level, 7.5 million jobs will be created in the
country every year,” he added.
A 10 per cent increase in total trade cuts
unemployment by about 1 per cent, according to a report on the benefits
of trade for employment prepared by the Organisation for Economic
Cooperation and Development, the International Labour Organisation, the
World Bank and the WTO.
World trade talks have been struck on the
contentious issue of subsidies and trade barriers. Developing countries
led by India, China and Brazil have been demanding reduction of
agricultural subsidies by developed countries, while the developed
countries want developing countries to reduce tariff barriers on many
products, including those on agricultural produce.
The standoff between the two sides has led
to fears that the Doha round will be a failure. “Any failure in the Doha
round would certainly weaken the only institution which governs the
rules of world trade and has the ability to adjudicate in the event of
disputes between countries,” said Lamy.
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