For the first time in a decade, the members of the World Trade Organization (WTO)<\/a> have finalized a historic deal at the 12th Ministerial Conference(MC12).<\/span><\/p>\n Note<\/b>: <\/span>The WTO’s rules dictate that all decisions are taken by consensus, with any single member able to exercise a veto.<\/span><\/p>\n On TRIPS (trade-related intellectual property rights) waiver, an agreement could be reached only on vaccines. But not on diagnostics and therapeutics.<\/span><\/p>\n Still, the agreement on patent waiver on Covid-19 vaccines will allow <\/span>developing countries to waive intellectual property protections on the vaccines without the patent holder\u2019s permission in order to spur domestic production of the medicines.<\/span><\/p>\n The countries decided not to impose export prohibitions or restrictions on foodstuffs purchased for non-commercial humanitarian purposes by the World Food Programme. However, internal food security concerns will take precedence.<\/span><\/p>\n Also, there is no work programme on agriculture. This could be considered as a good outcome for India as India’s agri-subsidy will not face any further scrutiny.<\/span><\/p>\n The countries agreed to extend a moratorium on applying duties to electronic transmissions until the next ministerial meeting, likely in 2023.<\/span><\/p>\n However, the moratorium would expire in March 2024 should the next conference be postponed.<\/span><\/p>\n The countries agreed to put in place rules to prohibit subsidies for illegal, unreported and unregulated fishing.\u00a0<\/span><\/p>\n Source: <\/b>The post is based on the article<\/span> \u201cFor the first time in a decade, WTO members reach historic deal at Geneva\u201d <\/b>published in <\/span>Business Standard <\/b>on 17th June 2022.<\/b><\/p>\n","protected":false},"excerpt":{"rendered":" What is the News? For the first time in a decade, the members of the World Trade Organization (WTO) have finalized a historic deal at the 12th Ministerial Conference(MC12). Note: The WTO’s rules dictate that all decisions are taken by consensus, with any single member able to exercise a veto. What are the major outcomes… Continue reading For the first time in a decade, WTO members reach historic deal at Geneva<\/span><\/a><\/p>\n","protected":false},"author":10317,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[1566,3127,9],"tags":[10503],"class_list":["post-191023","post","type-post","status-publish","format-standard","hentry","category-daily-factly-articles","category-economy","category-public","tag-business-standard","entry"],"jetpack_featured_media_url":"","views":{"total":0,"cached_at":"","cached_date":1704815802},"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/191023","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/users\/10317"}],"replies":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/comments?post=191023"}],"version-history":[{"count":0,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/191023\/revisions"}],"wp:attachment":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/media?parent=191023"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/categories?post=191023"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/tags?post=191023"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}What are the major outcomes of a deal at the 12th Ministerial Conference(MC12)?<\/b><\/h5>\n
TRIPS Waiver<\/b><\/h6>\n
On Food Security<\/b><\/h5>\n
On <\/b>E-Transmission Moratorium<\/b><\/h5>\n
On Fisheries Subsidies<\/b><\/h5>\n