WTO signs landmark deal, focuses on food security, e-commerce, fisheries

Geneva [Switzerland], June 17 (ANI): In a significant outcome for the Prime Minister Narendra Modi-led government, ministers from 164 members of the World Trade Organisation have adopted various decisions including food security, e-commerce, TRIPS agreement, fisheries and preparedness for future pandemics. 

The 12th World Trade Organisation (WTO) Ministerial Conference has concluded with an outcome on Friday.

Ministers from the WTO's 164 members formally adopted decisions on the COVID-19 pandemic and preparedness for future pandemics, Emergency Response to Food Insecurity, World Food Programme Food Purchases Exemption from Export Prohibitions or Restrictions, Work Programme on Electronic Commerce, TRIPS Agreement and Agreement on Fisheries Subsidies.

An official told ANI that Prime Minister Narendra Modi's focus on the welfare of the poor shines on the global stage. India is taking global leadership when the entire world was heading for a no/low outcome, India has been able to achieve better outcomes.

"India was at the centre of WTO negotiations, India's firm stamp is visible in every outcome of WTO meeting. India put forth aggressive draft texts in all pillars of WTO negotiations rather than being reactive. India stood strong for its MSMEs, farmers and fishermen," the official said.

"The voice of the poor and the vulnerable strengthened globally by India's principled stand at WTO. Gone are the days, when India as front runner accepts outcomes that hurt the poor. India has been at the forefront to highlight the issues of developing countries at the WTO platform," the official added.

The World Trade Organization (WTO) is the only global international organization dealing with the rules of trade between nations. At its heart are the WTO agreements, negotiated and signed by the bulk of the world's trading nations and ratified in their parliaments.

The WTO has 164 members (including European Union) and 23 observer governments (like Iran, Iraq, Bhutan, Libya etc).

The structure of the WTO is dominated by its highest authority, the Ministerial Conference, composed of representatives of all WTO members, which is required to meet at least every two years and which can take decisions on all matters under any of the multilateral trade agreements. (ANI)