Monday, May 2 2005 13:49 Hrs (IST) - World Time -

New Delhi: The Government today (May 2, 2005) said it would hold consultations with State Governments, political parties and apex chambers to formulate strategy for the next World Trade Organisation (WTO) Ministerial to be held in Hong Kong in December.

Making a statement in the Lok Sabha, Minister of State for Commerce E V K S Elangovan said this was part of 31 recommendations made by the Standing Committee on Commerce, which examined demands for grants for 2004-05.

Inter-Ministerial consultations will also be held on WTO.

Of the 31 recommendations, Government has accepted 30 and action has already been completed in 25. In five others, action was in advance stage of completion, the Minister said.

The Government has not accepted one recommendation regarding formation of cashew board on the ground that it will not be cost effective.

Moreover, in an era of globalisation and liberalisation, the trend is towards greater autonomy of operations to facilitate trade growth, which should be at best left to the industry and private entrepreneurs, the statement said.

The recommendations that have been accepted included timely approval of schemes of Export Credit Guarantee Corporation (ECGC), Rubber Plantation Scheme and setting up of export promotion of spices and tea plantation fund.

The Standing Committee also recommended monitoring of agri-export zones, setting up of more export oriented units in the Northeast and early clearance of refund of duty drawbacks on deemed exports.