Centre to help woo investors and utilise WTO agreements

Mou Chakraborty
Kolkata, July 3, 2007
By the end of July, the city will have its Centre for WTO, to study the feasibility of Bengal as a destination for investors worldwide. It will also help the state utilise various WTO agreements for its benefit.
The Indian Institute of Foreign Trade (IIFT) has tied up with the state department of commerce and industry to set up the centre. IIFT was founded in 1963 by the Indian government as an autonomous organisation to improve foreign trade management and increase exports. On the other hand, the World Trade Organization (WTO) is an international organisation designed to supervise and liberalise international trade and the majority of the world's trading nations are its signatories.
“The centre is being set-up to help the state government understand various WTO issues that will make an impact on the state’s industry, agriculture and services,” said K.T. Chako, director of IIFT.
Explaining why the centre was being set up in Kolkata, the director of IIFT’s Kolkata branch, K Rangarajan said, “Keeping in mind the ‘look east’ policy being adopted globally, Bengal is being considered as a gateway and it certainly has a strategic importance.” The only other Centre for WTO was set up at Delhi in 2002.
The centre will be partly funded by the state ministry of commerce and industry. The apex body of the Centre for WTO comprising of representatives from various ministries and from IIFT will meet during the middle of the month to decide upon the launch date of the centre. The centre will also have an advisory body where industry organisations such as CII, ICC, and BNCCI will be members.
The centre will give tips to the state on combating countries such as China that use the state as a dumping ground. It will also address various issues related to Intellectual Property rights. A databank on various aspects of industry in Bengal will be created to help foreign investors, the state and Central government and local industries assess investment opportunities. It will then be easier to decide how to invest in the state.
Among other things, the centre will create awareness among policymakers and the industry about various WTO agreements. It will co-ordinate with the commerce and industries ministry about concerns and interests of the state in the light of various WTO agreements. Challenges that various sectors such as agriculture, production, IT and BPO in the state might face will be looked into.
Newer areas would be explored and researchers at the centre will analyse the benefits and opportunities the state can derive from various WTO agreements.
mou.hindustantimes@yahoo.com