WTO gets a new life

After India-US deal, tariff pact expected in 2 weeks
Brisbane: A day after a breakthrough deal between India and the US on food security related issues, the WTO on Friday said that there was a “high probability” of reaching an agreement within two weeks on the stalled Bali package to facilitate easier global trade flows. “I would say that we have a high probability that the Bali package will be implemented shortly,” WTO director-general Roberto Azevedo told reporters here on the eve of the G20 summit, to be attended by world leaders including US President Barack Obama and Prime Mini-ster Narendra Modi.
The WTO related matters are likely to come up for discussions during this two-day meet beginning Saturday.“I’m hopeful that we can do it in a very short period of time, certainly within the next two weeks,” he said.India on Thursday achieved a major breakthrough with the US agreeing to its proposal on food security issues at WTO, a development that will pave the way for ending a three-month long stalemate on Trade Facilitation Agreement at the multi- lateral trade body.
As per the agreement, the US will support India’s proposal at WTO that ‘peace clause’, crucial for uninterrupted implementation of India’s food security programme, should continue indefinitely till a permanent solution is found.
This will enable India to continue procurement and stocking of food grain for distribution to poor under its food security programme without attracting any kind of action from
WTO members even if it breaches the 10 per cent subsidy cap as prescribed by the multilateral trade body. As per the Bali pact, the peace clause was to continue till 2017.
( Source : PTI )
Next Story