Industry body FICCI has suggested that India should aunch an all-out strategy to ink bilateral and regional agreements with complementary economies such as EU, USA, Japan and Australia to counter the collapse of Doha round of WTO talks.

"As the future course of WTO negotiations seems uncertain, India should aggressively step up bilateral engagements with right partners, which could serve as significant instruments in obtaining greater market access for our goods and services," FICCI president Saroj Poddar said in a release.

Greater economic cooperation, including trade in goods & services as well as investment, with these countries would make economic sense not only because of the recent failure of WTO talks, but also due to sharp rise in our bilateral trade with these economies, complementarities of business, and their significant position in global market, Poddar added.