Voicing India's commitment to rule-based multilateral trading system, Reserve Bank of India Governor Y V Reddy has said New Delhi, however, wanted to ensure that those areas in which developing countries enjoyed comparative advantage were adequately opened up.
"There is little doubt that potential gains from free and equitable multilateral trading system far outweigh the costs and therefore it is of utmost importance that the international community endeavours to reach a mutually agreed agenda within the World Trade Organisation framework," Reddy told the financial committee meeting of International Monetary Fund-World Bank in Dubai on Monday.
The failure of WTO Ministerial at Cancun reflected the diversity of views and positions particularly regarding farm subsidies and Singapore issues comprising investment rules, competition policy, trade facilitation and transparency in government procurement, he said.