BackWTO chief seeks India support for multilateral trade deal
India should recognize willingness of rich nations to talk about ‘peace clause’ on food security as step toward trade deal: WTO chief
Premium(AFP)
New Delhi: India should recognize the willingness of rich nations to talk about a ‘peace clause’ on food security as a step toward striking a multilateral trade deal in December, World Trade Organization director-general Roberto Azevedo said before a meeting with India’s trade minister Anand Sharma on Monday.
A so-called peace clause gives legal security to member-countries and protects them from being challenged under other WTO agreements.
Azevedo, who has previously served as Brazil’s ambassador to WTO, is visiting India for the first time as WTO director-general to enlist support for a trade deal at a meeting of ministers in Bali, Indonesia, in December.
In the absence of a broad-based agreement on the Doha round of trade talks that started in 2001, member-countries are making a last-ditch attempt to work out areas where consensus can be reached for laying down the rules of global trade.
India has been demanding a balanced outcome from the WTO ministerial meeting in Bali with the interests of the so-called least developed countries and developing nations at its core.
Developing countries want a deal to allow them to increase their ceiling on food subsidies above what is permissible currently as well as a package for the least developed countries.
Rich nations have shown support for a peace clause that would agree to developing countries’ demands on food security for a period of two-three years. But poorer nations, represented by the G-33 group, are demanding a protection period of 9-10 years, Mint reported on 25 September.
Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!
