Need to bolster WTO process’ 

Need to bolster WTO process’ 

Context

The World Trade Organisation (WTO) process needs to be strengthened and taken forward as India has a strategic interest in the functioning of the multilateral trade system, according to Commerce Minister Suresh Prabhu.

Backdrop

Briefing members of Federation of Indian Chambers of Commerce and Industry in a closed-door meeting on the outcome of WTO’s recently held Buenos Aires meeting

Mini-ministerial meet

India would host a mini-ministerial (meeting of a few WTO member nations) in February to further its position on the multilateral trade body and to pursue its interest in a fruitful manner. FICCI informed this in a statement.

Objective of mini-ministerial meet

• If you want to make sure that WTO becomes relevant to times that are changing, then we must also incorporate into WTO some of the very emerging important issues.
• To get more support for food sovereignty and other issues including the ‘development agenda’ of the Doha Round talks.

WTO meet ended in impasse

• The Buenos Aires meeting ended in an impasse with the US blocking the demands of over 100 developing nations, including India and China, on food security issues
• The US had also questioned the centrality of development in multilateral trade negotiations.

Developed countries forming groups on “new issues” while India against including any such new issues

Developed countries have been taking the lead in forming groups to initiate discussions on ‘new issues’ such as e-commerce, investment facilitation and proposed norms relating to small firms, while India and other developing nations are insisting that such issues should be taken up for negotiations at the multilateral-level only after resolving the ongoing Doha Round’s outstanding issues such as the ones on food security.