India on Tuesday said it was making a last ditch effort to revive the collapsed WTO talks but made it clear that it would not allow industrialised nations to trample developing countries' interest, especially in the sensitive farm sector.
Services attracted the most FDI during the first eleven months period of 2015-16.
India has said it is committed to working for a successful conclusion of Doha round of World Trade Organisation talks despite the setbacks witnessed in the recent months.
India has refused to budge from its stated position at the trade talks and asserted that rich nations would have to move first on reducing farm subsidies to break the deadlock at the World Trade Organisation in Geneva.
The commerce ministry has moved a Cabinet note for inter-ministerial consultations to finalise India's offers on services for the World Trade Organisation.
India needs a National Trade Policy Council, chaired by a minister who reports directly to the PM, says Jayanta Roy, former economic advisor to the Union commerce ministry.
Articulating developing countries' stand at the World Trade Organisation talks, India on Friday stuck to its position that there could not be any forward movement on industrial tariffs until its concerns on agriculture were addressed.
Approved by the State Council, or China's cabinet, the move was taken to honour China's tariff reduction commitment upon its accession to the World Trade Organisation, the Customs Tariff Commission said in a statement.
A last-ditch attempt to rescue the Doha round of world trade talks is likely to be made towards the end of July at a Geneva meeting of 30 trade ministers from among the 150-member countries of the World Trade Organisation (WTO).
'We are convinced a section of the bureaucracy believes we should follow the Western model of economic development including the dictates of the WTO,' says RSS Spokesman Ram Madhav.
India has been the single biggest beneficiary of the decades-old US Generalized System of Preferences programme, allowing the country to export $ 5.7 billion worth of duty-free goods in 2017, according to figures from US Congress.
India has jumped five places to become the world's 11th biggest exporter of commercial services in 2005, and inched one step ahead to the 29th rank among the largest merchandise exporters, according to the latest statistics by WTO.
The WTO mini-ministerial scheduled to be held later this month to break the impasse on crucial farm and industrial tariff negotiations has been called off.
The coming months will see intense negotiations between World Trade Organisation members to achieve a breakthrough in the Doha Round of world trade talks by the end of July this year.
Indian mangoes are all set to be shipped to the American market in the next few days after the United States decided to allow import of the delicious fruit.
The government said in Friday it was negotiating aggressively at the World Trade Organisation to facilitate easy movement of professionals across borders to deliver services.
India has rejected the World Trade Organisation's proposal to conclude the negotiations on the Doha Round by June-end.
China has protested against the United States limiting the imports of Chinese woollen trousers saying it was groundless and went against World Trade Organisation rules.
The European Union on Tuesday agreed with New Delhi that there needs to be in place some sort of livelihood security for farmers in agriculture negotiations at the World Trade Organisation
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