Developing nations need trade, not aid: India

BANDAR SERI BEGAWAN: India on Thursday voiced its disappointment over the lack of progress in facilitating greater exports from developing countries after last year''s Doha Round and asserted these nations wanted "trade and not aid".
"I am very disappointed at the way things are going after the Doha trade round," External Affairs Minister Yashwant Sinha said while speaking at the Annual Ministerial meeting of the 10-member ASEAN and their ten dialogue partners that included India and several developed countries.
In his intervention, Sinha focussed on global trade imbalances and made a strong plea for making up the "development deficit" by encouraging greater exports from the developed nations.
"We need trade and not aid," said Sinha while taking up the cudgels on behalf of the developing countries.
He cited figures to drive home the point that an additional income of $350 billion could be generated for the developing countries if exports to these nations increase by five per cent. In this context, he said the Overseas Development Asssistance (ODA) is about $50 billion.
Sinha regretted that private capital flows were negative and wanted an increas in flow of foreign funds.