Taking our series of GK Articles ahead to help you all this Group Discussion and Personal Interview season, in this article we bring to you details of WTO Meet 2015 : India’s gains and loss.
WTO Meet 2015 : India’s gains and loss
WTO 2015 meet was recently held in Nairobi. India had sent its delegation, led by Union Trade and Commerce Minister, Nirmala Sitharaman, to negotiate economic terms with the representatives of the developed and developing countries.
Being one of the fastest growing economies in the world, India was looked upon as the leader among the developing countries. The Indian delegation was supported by countries such as Indonesia, Brazil, Venezuela and etc.
India’s Perspective at WTO Meet 2015
- India advocated to revive the ongoing Doha Round at the WTO meet. The Doha Development Agenda (DDA) aims to lower trade barriers around the world, thereby facilitating increased global trade
- The Indian delegation intended to secure an agreement on Special Safeguard Measures (SSM) to protect the small and commercial farmers against excessive import surges
- India wanted a long term solution to public stockholding to maintain the food subsidy allotted for public distribution
- India also wanted a raise in the share of public stocks in food grain production. The current ratio is set at 10 percent by the WTO.
What India gained and what it lost
- After much debate and negotiation that went on for five days, India and other developing countries were asked to cut down export subsidies by 2018
- The developing countries were also asked to cover all costs of marketing and transport for agricultural export items within 2023. This means that India and other developing countries would have to cut down their government policies supporting the export of food products
- This will also discourage farmers from exporting food products and encourage them to concentrate on the local market
- The WTO has acknowledged the need for a Special Safeguard Mechanism for the developing countries.