India

India secures favourable outcome at the WTO 12th Ministerial Conference

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June 17, 2022
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Chandigarh, June 17

India has been able to secure a favourable outcome at the WTO after many years, despite a strong global campaign against our farmers & fishermen, said Union Minister of Commerce & Industry, Consumer Affairs and Food & Public Distribution and Textiles, Shri Piyush Goyal, after conclusion of the WTO 12th Ministerial Conference in Geneva today.

Terming the just concluded MC12 as an “outcome oriented” success, Shri Goyal said the Indian delegation, guided constantly by the Prime Minister Shri Narendra Modi, has been 100 percent successful in portraying before the world the priority issues for India and the developing world.

Shri Goyal said the Indian delegation leveraged India’s strong relationship with the world, which the Prime Minister Shri Narendra Modi has nurtured over the last few years.

Outcomes at the WTO MC 12 Meeting

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      • On fisheries, there would be a check on illegal unreported and unregulated fishing in our waters and elsewhere. There would be very strict controls on overfished areas so that fish stocks are restored. Additionally, no subsidies to be provided for fishing in areas outside EEZ or RFMOs
      • The Trade-Related Aspects of Intellectual Property Rights (TRIPS) decision will boost export, vaccine equity, accessibility & affordability. A country can authorize production of vaccines patented elsewhere and there would be no consent required as well as there would be no limit on exports. A decision on Diagnostics/Therapeutics would be taken in 6 months. There would be faster pandemic response in future and there would be fewer trade barriers in pandemics
      • The agenda decided on WTO reforms will make the WTO a more efficient, agile body. The dispute settlement body will be revived and play its expected role in settling trade disputes. The reform would deliver better trade outcomes for developing countries. A reference to Gender, Environment & MSME has been made in the WTO reform agenda.
      • On e-Commerce, while agreeing to the temporary moratorium, India asked for intensifying discussions on the moratorium including on its scope, definition and impact for taking an informed decision on the same.
      • The Food Security Declaration, focusses on making food available in developing countries while working towards increasing productivity and production
      • As regards, the World Food Programme (WFP), there would be no export restrictions on WFP purchases for food security in other countries; However, domestic food security will take priority.
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