Rejecting the suggestion that India is taking a difficult stand in the World Trade Organisation (WTO) talks, Commerce Minister Kamal Nath said New Delhi only wants a multilateral trading system that corrects the existing structural flaws in the global trade rather than perpetuate them.

The rules of the game are very important for India as it engages in the global trading system more and more, he told investors and entrepreneurs here on Friday.

Stressing the need for abolition of agricultural subsidies by the rich countries, he told the India-America Chamber of Commerce that these subsidies and non-tariff barriers greatly distort the system and are not justified.

Defending the protection of intellectual property rights, he emphasised that it is important as India graduates from user to producer of intellectual property. It is aimed at coming generations of entrepreneurs who through their innovation would create new products.

Besides, he said, it improves the credibility and standing of India in the international community as it fulfils the commitments made and translates into investments with the investors realising that the country not only has laws but implements them too. “It is credibility of India which is bringing in investments in various sectors,” he added. Observing that the comparison between India and China is “misplaced”, he said there is need to see where China was 15 years into the opening up process.

Skilled human base
“India, which started economic reforms 15 years ago, is now getting double the investments China got at that point of time. Besides, in case of India, new young entrepreneurs are emerging and this along with  skilled human base is a strength of the country,” he added.

He further said thatIndia is not only a big exporter but also a major importer because of huge domestic market and as a result, “our engagement with the world economy is $450 billion, up from $200 billion 3 years ago.” The momentum continues with new items constantly added to the export basket, he said.