New Delhi, Sept 21: India on Saturday said European Union has lost ‘moral ground’ to press for an investment deal and competition policy at WTO after the legitimacy for raising these issues was ‘dented’ substantially at Cancun. "In the course of our engagement (at Cancun Ministerial), EU wavered on Singapore issues. The legitimacy of two important Singapore issues - investment and competition - has been substantially dented for future," Commerce and Industry Minister Arun Jaitley said.

Summing up the outcome of Cancun meeting, Jaitley told reporters that several positives had emerged there and one of them was change in equilibrium with developing and least developed countries being able to assert their point.
Criticising the developed countries for the collapse of ministerial, Jaitley said "We believe the final draft could not be agreed upon because the draft declaration was heavily loaded against developing countries".
There was reluctance on the part of developed countries to reduce trade-distorting subsidies, he said, adding "the draft was completely contrary to the mood of conference and was at variance to the views of the developing nations". Bureau Report