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CII in a soup over Singapore issues
September 12, 2003 15:47 IST
Last Updated: September 12, 2003 15:54 IST
India's apex industry chamber Confederation of Indian Industry has landed itself in a controversy over its alleged support to launching negotiations on trade and investment issues, opposed by developing countries.  | Also Read | | |
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The European Union released a document on Thursday in which CII along with the Federation of German Industries and Federation of Netherlands Industry and Employers has supported a meaningful multilateral investment agreement saying, "It can be a tool to foster foreign direct investment and thus development".
The recommendations by these chambers for the Cancun Ministerial Conference of the WTO was released by the European Union after CII denied EU Trade Commissioner Pascal Lamy's assertion on Tuesday that the Indian industry representative has also supported investment rules even though the Indian Government opposed Singapore issues.
The document said the Indian, German and Netherlands business community attach the highest importance to successful conclusion of the Doha Development Agenda, resulting in win-win situations for all.
But CII, which had issued a statement on Wednesday refuting Lamy's observation, said it has been selectively quoted by the European Union to mislead the people on its position.
The CII statement categorically said that it did not agree to launching any negotiations on trade and investment, one of the contentious Singapore issues.
The paragraph relating to investment in the CII/BDI paper is exactly in tune with paragraph 20 of Doha Ministerial declaration, CII said.
Asserting that the CII/BDI document was in consonance with the Doha declaration, the chamber charged the EU with misleading and creating a false impression.
"The EU's action is misleading and not in keeping with the spirit of Doha and the long-standing cooperation between Indian and European industries," CII said.