India will spearhead developing countries' fight against farm protection in the developed nations which were denying them market access and the negative effects of foreign direct investment (FDI) on domestic industries at the UNCTAD XI meeting at Sao Paulo next week.
Federal Commerce and Industry Minister Kamal Nath will head the Indian delegation to the six-day meeting from June 13 where G-20 developing countries including India, Brazil and South Africa are also expected to formulate strategies.
This is the first major international trade meet after the collapse of the World Trade Organisation (WTO) meeting at Cancun and assumes significance as it would provide an opportunity to developing countries in formulating future strategies ahead of the WTO General Council, likely to be held in July in Geneva.
Developed countries are reluctant to lower farm subsidies which came in the way of providing market access and the UNCTAD meeting would give developing countries a chance to come out with proposals to break the impasse in farm talks.
Last month, developing countries had rejected the blended formula proposed by EU-US at Geneva on market access terming it as an inequitable proposition.
The role of FDI in building productive capacities and international competitiveness is expected to figure permanently in UNCTAD discussions.
Though Foreign Direct Investment had a crucial role to play in transfer of technology, developing countries were of the view that it was not a magic wand to push up investment and competitiveness of domestic industry.Asia Pulse:
