Active Stocks
Tue Apr 16 2024 15:59:30
  1. Tata Steel share price
  2. 160.05 -0.53%
  1. Infosys share price
  2. 1,414.75 -3.65%
  1. NTPC share price
  2. 359.40 -0.54%
  1. State Bank Of India share price
  2. 751.90 -0.65%
  1. HDFC Bank share price
  2. 1,509.40 0.97%
Business News/ News / World/  G-33 countries call for permanent public stockholding solution for food security
BackBack

G-33 countries call for permanent public stockholding solution for food security

The G-33's statement expressed disappointment with the lack of progress in agriculture trade negotiations and the failure to fulfil mandates from previous conferences.

The 13th ministerial conference of WTO begins on Monday in Abu Dhabi (Photo: Reuters)Premium
The 13th ministerial conference of WTO begins on Monday in Abu Dhabi (Photo: Reuters)

New Delhi: Ahead of the 13th ministerial conference of World Trade Organization (WTO), a majority of the G-33 countries, a coalition of developing nations known as the "Friends of Special Products" in agriculture, have called for a permanent solution to public stockholding for food security in a ministerial statement on agriculture trade negotiations released on Sunday.

The statement emphasized the crucial role of public stockholding in ensuring food and livelihood security, rural development, and support for low-income or resource-poor producers in developing countries, including least developed countries (LDCs) and net food-importing developing countries (NFIDCs).

India, China, and Indonesia, among others, form this 47-country group that seeks flexibility in market opening for agriculture. 

For the 13th ministerial conference (MC13) of WTO, that begins Monday, trade ministers of 164 countries are converging in Abu Dhabi to tackle a broad spectrum of topics, including agriculture, fisheries, and the nexus between trade and sustainable development. 

The G-33's statement also expressed disappointment with the lack of progress in agriculture trade negotiations and the failure to fulfil mandates from previous conferences. It reiterated the developing countries' right to a special safeguard mechanism (SSM) to protect against import surges or price drops, advocating for a decision on SSM by the 14th WTO Ministerial Conference.

"We stand ready to consider the submission by the African Group on the issue of SSM, which covers most of the interests of developing country members in a fair and balanced manner," the statement said.

It also underlined the importance of preserving special and differential treatment for developing countries in the WTO, emphasizing that non-trade concerns must be considered in agriculture trade negotiations.

 

 

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!

Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
More Less
Published: 26 Feb 2024, 10:28 AM IST
Next Story footLogo
Recommended For You
Switch to the Mint app for fast and personalized news - Get App