Fortunately for us though, one argument that is an integral plank in this school of thought, has just fallen apart. And that's the China's cocking-a-snook at the West one. All this time, these ideologues have been arguing that China doesn't want to be part of theWTO, that it's doing so well outside the WTO, and that should be a lesson to countries like India which are going down on bended knee. Well, it was obvious to all, except these blinkered souls, that China was desperate to become part of the WTO, and now that's official.

The reason for China wanting to become part of the WTO are obvious, but can perhaps be stated here as well. In a nutshell, today China has to negotiate individually with each country on the import duties its exports have to pay, or the access which they will be allowed to individual markets. On the other hand, under the WTO scheme, China will get the same access as any other country, and its exports will face the same import duties as those from any other country. Now surely that's an advantage well worth the sacrifices which China will have to make in terms of opening up its country to more imports of both goods and services.

Let's also get another thing clear, while there are certain aspects of India's WTO agreement that may present aserious problem for Indian industry such as, say, allowing imports of second-hand automobiles after 2002, it is indisputable that most of what is loosely clubbed as `WTO commitments' are actually compatible with our own reforms programme and will benefit us as well. Legislative action, before January, for instance on recognising product patents, is something which will benefit India's own pharmaceutical firms such as Ranbaxy and Cipla. Similarly, greater access to imports and lowering of import tariffs is quite consistent with India's decision to lower tariffs in general as this helps lower costs of production as also make the country more competitive. And it is, in any case, well established that reduction of protection for the textiles industry and agriculture in markets of Europe -- as mandated by the WTO -- is beneficial to Indian industry. Let's learn from China to lose all these benefits for imagined losses is surely foolish.