"The underlying economic logic of trade is that it promotes competition and it is an irony that wto has so far shied away from bringing competition policy directly within its purview," the Associated Chambers of Commerce and Industry (Assocham) said.

Stating that competition policy under the ambit of WTO would ensure a global code for transnational corporates, Assocham said New Delhi should also play a pro-active role in resolving issues related to e-commerce, entertainment, exports and transparency in WTO's work process.

India would be better advised to concede a discussion on the reduction of industrial tariff as a `new issue' at the Seattle round of WTO negotiations as many of its members including developing countries do not view industrial tariff as a newissue, the chamber said in a statement.

"Among the new issues, an item India can afford to see being brought into the WTO agenda at this stage is industrial tariffs as many WTO members, including developing countries, do not view it as a really new issue," it added. The chamber said the link between trade and investment, which was sought to be brought up through the multilateral agreement on investment (MAI) may get dropped for the time being as developed countries were not keen to pursue it.

However, India could adopt a creative role on investment agreement by suggesting that the MAI be converted into multilateral version of the existing bilateral protection agreements, the statement said.

Assocham said India must fully reject any attempt to use social and labour standards and environmental concerns as instruments of neo-protectionism effectively.

"This should be done to neutralise the comparative advantage in low-cost technologies and low-cost skilled labour that developing countries possess," thechamber added.