SME Times is powered by   
Search News
Just in:   • FM's marathon meeting sessions with US businesses continues in NY  • No additional borrowing by Centre to meet GST compensation of states in FY22  • PI Industries refutes Kochi businessman's claim on Rs 1,448.5 Cr shares  • K'taka Minister in UAE makes strong pitch for investment in state  • In the light of the population explosion debate 
Last updated: 27 Sep, 2014  

WTO.9.Thmb.jpg India endorses draft WTO deal

   Top Stories
» FM's marathon meeting sessions with US businesses continues in NY
» No additional borrowing by Centre to meet GST compensation of states in FY22
» 'Multiple rates, applications make GST more complicated'
» UP's Purvanchal emerging as hub of vegetable export
» 'Special Working Group on startups and innovation needed'
SME Times News Bureau | 07 Dec, 2013
India Friday approved the draft of a multilateral trade reforms package, clearing the way for the first global trade deal in almost two decades.

"We are more than happy. It is a great day. It is a historic day," Commerce and Industry Minister Anand Sharma said after four days of marathon and intensive negotiations among ministers IN Nusa Dua (Indonesia) got over.

Emerging from the talks, Sharma said he would endorse the draft text of the agreement on the so-called Bali Package circulated by WTO Director-General Roberto Azevêdo to negotiating heads of member countries late Friday.

"It is a victory for the WTO and for the global community to have arrived at a mature decision," he said.

The draft agreement is a significant victory for India whose programme of stocking subsidized food grain to ensure cheaper food for its people was considered to have blocked the progress of negotiations.

On Thursday, Sharma reaffirmed India's stance calling food security "a fundamental issue", and added that "India will never compromise".

Trading partners say the food security programme contravenes WTO rules, which limit farm subsidies, and there are concerns India could use the policy to export food at cheaper prices, thus distorting the market.

The agreement would allow developing countries farm subsidies for food security of their people, improves terms of trade to the Least Developed Countries, and cuts customs rules around the world.

The latest draft texts are the product of weeks of intensive negotiations held in Geneva before the Ministerial Meeting. They were further refined after round-the-clock consultations at the conference.

Officials said WTO Director General Roberto Azevedo, Indonesian Trade Minister Gita Wirjawan, US Trade Representative Michael Froman, and Indian Commerce Minister Anand Sharma held various parleys into the early hours of Friday.

The drafts concern three areas - agriculture, trade facilitation and LDC trade and development.

There are four issues in agriculture out of a larger set negotiated in the Doha Round. These included:

-- General services: A proposed list of general services of particular interest to developing countries that would be added to the "Green Box" - the category of domestic support that is considered not to distort trade (or to distort minimally) and therefore allowed without any limits.

-- Developing countries' public stockholding of food for food security.

-- Tariff quota administration: A proposal to deal with the way a specific type of import quota ("tariff quotas") is to be handled when the quota is persistently under-filled.

-- Export competition, the collective term for export subsidies and other policies with similar effects.

The LDC trade draft covers:

-- Duty-free, quota-free access for least developed countries to export to richer countries' markets.

-- Simplified preferential rules of origin for least developed countries, making it easier for these countries to identify products as their own products and qualify for preferential treatment in importing countries.

-- A "services waiver", allowing least developed countries preferential access to richer countries' services markets.

-- A "monitoring mechanism", consisting of meetings and other methods for monitoring special treatment given to developing countries.

Trade facilitation aims at cutting red tape and streamlining customs and port procedures.
Print the Page Add to Favorite
Share this on :

Please comment on this story:
Subject :
(Maximum 1500 characters)  Characters left 1500
Your name:

There Is Very Basic Development Issuse To Address
SHansen | Tue Dec 10 23:45:31 2013
I'm serious about how can a local human community make changes to improve their way of living and the only need micro funding to bring and produce crops to the World Markets. One village at a time footprint and this can be done with clean water and farming methods. I'm 100% committed to a cleaner climate using already proven cheap energy. I'm a Scientist by trade and at my age I still can help those in need through and with cheap technologies.

  Customs Exchange Rates
Currency Import Export
US Dollar
UK Pound
Japanese Yen 58.85 56.85
As on 18 Oct, 2021
  Daily Poll
COVID-19 has directly affected your business
 Can't say
  Commented Stories
» Starting an import export business: Basic guide for beginners(1)
» Kalam releases handbook for small entrepreneurs(1)
About Us  |   Advertise with Us  
  Useful Links  |   Terms and Conditions  |   Disclaimer  |   Contact Us  
Follow Us : Facebook Twitter