Union minister of commerce and industry Piyush Goyal praised collective efforts taken by India and the rest of the developing world at the World Trade Organization (WTO) Ministerial Conference saying that it led to spectacular success.
The 12th ministerial conference (MC12) in Geneva saw finance ministers from all 162 WTO member nations discuss issues related to key global trade-related issues.
India has emerged as a credible and strong voice for the developing & least developed countries with unprecedented outcomes at the MC12.
We have proven unequivocally our ability at constructing consensus for the larger good as a global leader.
— Piyush Goyal (@PiyushGoyal) June 17, 2022
Goyal after attending five nights of back-to-back meetings in Switzerland’s Geneva said that India received 100% success at the WTO ministerial conference. He also said that it was the most successful ministerial conference in the last couple of years.
“This WTO MC12 establishment of multilateral institutions has once again been strengthened. Positive outcomes have come out. Progress has been made in long pending issues, issues that were pending for decades,” Goyal was quoted as saying by news agency ANI.
Speaking about the spectacular success for India at WTO Ministerial Conference in Geneva https://t.co/3ZQZDOYe2L
— Piyush Goyal (@PiyushGoyal) June 17, 2022
India made the case for developing economies by batting for the Trade-Related aspects of Intellectual Property Rights (TRIPS) waiver.
The decision to bring vaccine manufacturing under the waiver signaled a success for developing economies who can now manufacture and export vaccines without seeking permission from the original maker.
The decision to bring diagnostics and therapeutics in the agreement was not accepted by the developing nations.
A decision to bring this under the agreement will be discussed in the next six months.
India also urged the WTO to keep international trade transparent.
Another major milestone in the WTO meet for India was to get the global trade body to accept its demand to stop unregulated fishing.
India asked the WTO to promote sustainable fishing and push for the renouncement of “irrational subsidies” and overfishing by many countries.
The new deal will eliminate harmful subsidies to stop illegal, unreported and unregulated fishing activities. It was also the first time that the global trade body discussed issues related to overfishing, deep-sea fishing and illegal and unreported and unregulated (IUU) fishing.
India in Geneva clearly outlined to developed countries that the moratorium on customs duty on digital imports favors them but agreed to an 18-month extension of the moratorium on customs duty on electronic imports.
More clarity on the moratorium will be possible after March 2024.
India was also allowed to continue its public stockholding program for foodgrains at the WTO meet.
India also agreed to do away with export restrictions on procurement by the UN World Food Programme with one caveat that it will retain the flexibility to restrict exports if a domestic food security need arises.
Indian delegation at the WTO also were lauded by the delegations from the developing countries.
These nations applauded India for taking up the cause of the developed economies.
“Developing countries now have a strong voice at international forums. Many Latin American, African, Pacific nations thanked our delegation members for standing up for developing countries,” people familiar with the developments told CNN-News18.
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