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Latest update: India stands firm despite global pressure to endorse trade facilitation deal in WTO

Saturday, 26 July 2014 - 8:23pm IST | Place: Mumbai | Agency: DNA Webdesk
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Though superpowers have criticised India for its stand against endorsing trade facilitation deal in WTO, India has tried safeguarding its interest and wants to halt the timetable to find a permanent solution on public stockholding for food security. Below is the complete coverage: 

India stands firm despite global pressure to endorse trade facilitation deal in WTO

India seems to be in no mood to yield to pressure from global superpowers to endorse trade facilitation deal in WTO. For now India's stand is to safeguard its own interest than think of global repercussions in this issue. India wants to halt the trade facilitation timetable till the time a permanent solution on public stockholding for food security is not found According to WTO rules, total subsidy on food can't exceed 10% of total agricultural production. This clause is not acceptable to Indian officials who want some concrete assurance regarding it before signing the customs treaty. Read more

India threatens to derail WTO deal, prompts angry United States rebuke

India threatened on Friday to block a worldwide reform of custom rules, which some estimates say could add $1 trillion to the global economy and create 21 million jobs, prompting a U.S. warning that its demands could kill global trade reform efforts. Read more

Full text: US and Australia left fuming as debate over India's stand at WTO intensifies

Below is full text clarification issued by Commerce Ministry: 

I thank you Chair for your assessment of the state of play and the Chairs of various Committees for their reports.

Some Members spoke of a credibility crisis facing the WTO. Our diagnosis of the cause is, however, quite different from theirs. We believe that the failure of the WTO to work in the interests of all its Members and to deliver meaningfully on the “development” mandate of the Doha Development Round would pose a far more serious risk to its credibility than any other factor. Read more

European Union, Australia-led group unite against India at WTO

Unconvinced by India's line that it will not sign the Trade Facilitation Agreement at World Trade Organisation (WTO) unless its food security concerns are addressed, a large block of global powers have joined hands against New Delhi in Geneva where negotiations on this matter are going on. Read more

Why is India not agreeing to the WTO trade facilitation agreement

India has made its stance clear that it will not easily give in to pressure from the Western world over trade protocols of the World Trade Organisation, as was also discussed during the talks in Bali in December 2013. India fears that agreeing to the trade facilitation agreement (TFA) could compromise its own food security. Read more

India could stall WTO trade reforms, United States says business cannot go usual after this

India threatened on Friday to block a worldwide reform of custom rules, which some estimates say could add $1 trillion to the global economy and create 21 million jobs, prompting a US warning that its demands could kill global trade reform efforts. Diplomats from the 160 World Trade Organization member countries meeting in Geneva had been meant to rubber stamp a deal on "trade facilitation" that was agreed at talks in Bali last December in the WTO's first ever global trade agreement. Read more

Narendra Modi government to backtrack on India’s WTO commitment, not allow Trade Facilitation Agreement

India will not allow Trade Facilitation Agreement (TFA), which was agreed upon in the World Trade Organisation (WTO) ministerial at Bali in December 13. The TFA has to be implemented by the end of this month. Read more

 




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