India, China sign pact on WTO

BEIJING, FEB. 22. India and China today signed an agreement here pledging New Delhi's support to Beijing's entry into the World Trade Organisation (WTO) and for boosting bilateral trade, official sources said.

Before the signing of the agreement, the Commerce and Industry Minister, Mr. Murasoli Maran, who led the Indian delegation, said that both the countries had concluded negotiations on major issues. ``Our negotiations with China went on smoothly and were devoid of any bickering,'' Mr. Maran said in an obvious reference to the long-drawn out negotiations and politicising of the WTO agreement between Beijing and Washington. China must reach agreements with all WTO members before it can join the Geneva- based multilateral body that sets rules for global trade. The agreement was signed between Mr. Maran and China's Foreign Trade Minister, Mr. Shi Guangsheng.

Mr. Shi said that China appreciated India's support on Beijing's entry into the WTO, adding that the agreement would provide further impetus to Sino-Indian trade ties. The two countries would be able to substantially increase bilateral trade from the present level of $ 2 billions a year.

The announcement of the deal came as European Union negotiators began a second day of talks in Beijing to hammer out a deal that would remove the biggest remaining obstacle to China's membership of the WTO.

Official sources said that China would look into the prospect of reviving the ailing Indian Iron and Steel Company (IISCO) at Burnpur. ``The Chinese side has agreed to depute a technical team to inspect IISCO,'' an Indian official said, adding that the team would explore the possibility of participating in a joint venture for IISCO's modernisation.

New Delhi and Beijing also signed a MoU for setting up a joint working group (JWG) for increased cooperation in the metallurgical sector, official sources said. The JWG would meet once a year alternatively in China and India. The Chinese side also agreed to depute a technical team by June this year to see India's iron ore and magnesium ore mines for increasing imports of these items, the official said.

India had put forward a list of about 180 export commodities, mainly agricultural products, on which it wanted to see lower tariffs, a commercial Counsellor at the Indian embassy said.

- PTI, UNI, Reuters

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