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NEW DELHI, May 20

INDIA has made it clear that it was against any curtailment of policy space on the issue of investment in the context of World Trade Organisation (WTO) negotiations.

"Developing countries (like India) should not be coerced or feel compelled to take decisions in these areas (Singapore issues— investment, competition policy..) unless they are fully convinced that it is in their interest to do so. This, in my view, is the essential meaning of the principle of explicit consensus as mandated in Doha declaration," the Union Commerce and Industry Minister, Mr Arun Jaitley, said here on Tuesday.

He was addressing the concluding session of the international conference on Trade, Investment and Development, organised by the Ministry of Commerce and Industry in association with the United Nations Conference on Trade and Development (UNCTAD).

He also stressed the need for resolution of the current stalemate on TRIPS issue and more progress on the implementation issues before one can look for any "meaningful progress at Cancun."

On a multilateral framework on investments, Mr Jaitley said "we need to be clear whether a multilateral framework in this important area is at all necessary before we embark on any discussion about the modalities themselves."

He also said that the country has to be particularly cautious about moves that may try to suggest that modalities can be limited to procedural matters. "In fact, if we arrive at a conclusion that further study and clarification is required before any decision can be taken then we should not be hurried into any decision making now," Mr Jaitley said.

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