Criticising the draft text for WTO Ministerial, the Sponsoring Committee of Trade Unions on Wednesday said developing countries like India would lose their sovereignty in management of their economies if the draft was passed in Cancun.

Even though the US and the EU were giving more than $1 billion per day in subsidies to their farmers they wanted developing countries' markets to be opened to them and import duty on agricultural products reduced, the trade unions said.

The unions said they would organise country-wide anti-WTO demonstrations on September 9.

"Our farmers will be reduced to destitution if this is agreed to at Cancun," a statement from the committee said.

It said the WTO agreement in 1995 had perished half of the country's economy and Cancun would cause further damage to its industry and particularly agriculture.

The demonstration is being held on the same day when international trade unions will organise protest demonstrations throughout the world as also in Cancun.

The committee also flayed developed countries' move to bring in Singapore issues like investment saying that under such an agreement governments will not have any power to control the activities of multinational companies.

The statement was signed by leading trade unions including CITU, HMS, AICCTU, UTUC, AITUC, AICCTU and UTUC-LS.