MUMBAI, Feb 17 (UNI) The developed countries should not have high expectations from the developing countries in opening up their economy especially in sensitive sectors like agriculture if they continue to practice protectionism to the industry in their own country, Arun Jaitley, union minister of commerce and industry and law and justice said.
Delivering an inaugural speech at India-Gulf Cooperation Council (GCC) industrial conference organised by the Confederation of Indian Industry (CII), Arun Jaitley told reporters here today that the developed countries led by the US aim for economic access of the developing countries and want them to open their economy.
The developed countries can not expect it from the developing countries if they practice protectionism in their own countries, he said.
Referring to his meeting yesterday in New Delhi with Robert Zoellick, the United States of America (USA)'s trade representative, Jaitley said that he categorically told Zoellick that the high level of subsidy by the developed countries to their farmers are distorting the global competition.
"The farmers of the developing countries cannot compete with the developed countries due to this (high subsidy)," he said.
Stating that the developed countries should lower subsidy in the agriculture sector, Jaitley said that Zoellick expressed his views that the US would reduce subsidy only if the European Union (EU) countries reduce the same.
Referring to another important issue of the US imposing ban on the outsourcing of the government contracts including Business Processing Outsourcing (BPO), Jaitley said that he took up this issue with Zoellick.
He said that the setting up of BPO is cheaper as services are cost-effective.
"And the cheaper products and services would draw attention," he said.
Similar, Jaitley said that the protectionism in the manufacturing sector in the US too cropped up in the discussion with Zoellick during the meeting.
Earlier, addressing the gathering at the global conference, Jaitley said that both India and GCC need to adopt bilateral investments.
He said that India offers attractive opportunities in a wide range of sectors from mining, and minerals to infrastructure developments, power, telecom and special economic zone.
Stating that there are high opportunities of investments in India, Jaitley said that the investment made in India are not only safe but they give high returns than in any country of the world.
Stating that India has agriculture and GCC has oil, Anand Mahindra, CII president said that both India and GCC need to expand the basket of bilateral trade.
He said that India can manufacture products ranging from a paper clip to a rocket ship.
He said that the GCC can source a wider range of products and services from India.
Likewise, he said that India would enlarge the list of goods India can import from the GCC countries.
Mahindra said that both India and GCC can build cooperation in the emerging areas of technology, it, bio-technology, healthcare, drugs, pharma and financial services.
"I request our friends from GCC to closely examine investments in the downstream segments of our oil and gas based industries," he said.
After the inaugural session, Jaitley met the six trade and commerce ministers of the GCC countries.
The meeting took place for more than half an hour.
Abdulrahman Bin Hamad Al Attiyah, secretary general, GCC, Abdulla Hamad, Al Attiyah, minister of energy and industry, Qatar, Hashim Bin Ali Bin Sultan, minister of commerce and industry, Sultanate of Oman, Mohammed Khalfan Bin Kharbash, minister of finance and industry, United Arab Emirates, Ali Saleh Al Saleh, minister of commerce, Kingdom of Bahrain and Abdullah Abdur Rahman Al Taweel, minister of commerce and industry, Kuwait participated in the meeting.
