Geneva: world trade organization Members on Friday agreed the first deal in nearly seven years, which includes a limited patent exemption for COVID-19 vaccines and an agreement to discipline fisheries subsidies after five days of intense negotiations, involving more than 100 countries. Ministers and Ambassadors of The last two nights inside the office of the multilateral body on the shores of Lake Geneva.
WTO members approved more than six letters early Friday as they revived the moribund organization at a time of rising protectionism and the collapse of a trend and when the global economy is gripped by fresh uncertainty caused by the war in Ukraine. demanded to be strengthened.
India listed several benefits from the meeting and sought to establish itself as a prime mover of several steps.
“We have delivered on almost 100% of the given instructions PM Narendra Modi, There is no issue to which we have to go back with worry… There are no negative consequences on agriculture issues. Similarly, the fishermen had some concern, there is no limit on the government or India,” Commerce and Industry Minister Piyush Goyal told reporters.
The Agreement on Fishing Subsidies, the first new treaty agreed by trade ministers in nearly nine years, is a settlement deal that contained controversial provisions that were not acceptable to many countries, including India, which did not want their ability to provide subsidies. to be cut. by any means. After the agreement was agreed Africa, Caribbean And Pacific Group blocked the plan for several hours.
The WTO’s first agreement to regulate trade to ensure sustainability has been hanging around since the turn of the millennium and will limit members’ ability to support illegal, unregulated and unreported fishing.
If it takes more than 20 years to agree on a fisheries subsidy for membership, developed countries dragged their feet on a patent exemption for COVID-19 vaccines for 20 months, eventually giving those countries partial relief. Those still facing supply challenges before agreeing to provide that may now authorize a waiver. In the case of medicines and diagnostics, WTO members will decide to extend benefits after six months, amid strong criticism of the package by civil society groups.
There was also a political declaration on the response to the pandemic, which could also be used as a template for future pandemics, while developed countries assured that there would be no export restrictions for supplies. world food program,
And, India agreed to extend the moratorium on e-commerce, which helps companies avoid paying customs duty on electronic transmission of goods and services, until March 2024, in what could be the last such exercise. Is.
Along with Goyal, WTO chief Ngozi Okonjo-Iwela described the outcome of the ministerial meeting as unprecedented.
The Indian minister said the decisions were a boost to multilateralism as it was the first ministerial summit in five years and came amid economic challenges in the backdrop of the pandemic and the Ukraine war.
“What more can we expect. All negotiation goals met. Without spoiling relations. If it ain’t spectacular, nothing else is… India’s image changed from a deal breaker to a deal maker, one year Something unimaginable at first. We changed the narrative and controlled it well from start to finish. The image of the nation in the world community has grown phenomenally. We have made India proud,” Commerce Secretary BVR Subrahmanyam in a note to his team written in
Nevertheless, several issues, including India’s demand for a permanent solution to the peace clause on violation of public stockholding limits, as well as allowing government sale of food grains to the government from FCI stock, could not be addressed.
Although a work program has been put in place to make the WTO more contemporary, members could not ask the US to remove barriers to restart the Disputes Settlement Agency, a set of multilateral trade rules established in 1995. main components.
WTO members approved more than six letters early Friday as they revived the moribund organization at a time of rising protectionism and the collapse of a trend and when the global economy is gripped by fresh uncertainty caused by the war in Ukraine. demanded to be strengthened.
India listed several benefits from the meeting and sought to establish itself as a prime mover of several steps.
“We have delivered on almost 100% of the given instructions PM Narendra Modi, There is no issue to which we have to go back with worry… There are no negative consequences on agriculture issues. Similarly, the fishermen had some concern, there is no limit on the government or India,” Commerce and Industry Minister Piyush Goyal told reporters.
The Agreement on Fishing Subsidies, the first new treaty agreed by trade ministers in nearly nine years, is a settlement deal that contained controversial provisions that were not acceptable to many countries, including India, which did not want their ability to provide subsidies. to be cut. by any means. After the agreement was agreed Africa, Caribbean And Pacific Group blocked the plan for several hours.
The WTO’s first agreement to regulate trade to ensure sustainability has been hanging around since the turn of the millennium and will limit members’ ability to support illegal, unregulated and unreported fishing.
If it takes more than 20 years to agree on a fisheries subsidy for membership, developed countries dragged their feet on a patent exemption for COVID-19 vaccines for 20 months, eventually giving those countries partial relief. Those still facing supply challenges before agreeing to provide that may now authorize a waiver. In the case of medicines and diagnostics, WTO members will decide to extend benefits after six months, amid strong criticism of the package by civil society groups.
There was also a political declaration on the response to the pandemic, which could also be used as a template for future pandemics, while developed countries assured that there would be no export restrictions for supplies. world food program,
And, India agreed to extend the moratorium on e-commerce, which helps companies avoid paying customs duty on electronic transmission of goods and services, until March 2024, in what could be the last such exercise. Is.
Along with Goyal, WTO chief Ngozi Okonjo-Iwela described the outcome of the ministerial meeting as unprecedented.
The Indian minister said the decisions were a boost to multilateralism as it was the first ministerial summit in five years and came amid economic challenges in the backdrop of the pandemic and the Ukraine war.
“What more can we expect. All negotiation goals met. Without spoiling relations. If it ain’t spectacular, nothing else is… India’s image changed from a deal breaker to a deal maker, one year Something unimaginable at first. We changed the narrative and controlled it well from start to finish. The image of the nation in the world community has grown phenomenally. We have made India proud,” Commerce Secretary BVR Subrahmanyam in a note to his team written in
Nevertheless, several issues, including India’s demand for a permanent solution to the peace clause on violation of public stockholding limits, as well as allowing government sale of food grains to the government from FCI stock, could not be addressed.
Although a work program has been put in place to make the WTO more contemporary, members could not ask the US to remove barriers to restart the Disputes Settlement Agency, a set of multilateral trade rules established in 1995. main components.