After five days of arduous discussions at the World Trade Organization (WTO), sources indicate that India made a significant influence, with its point of view expressed in all sectors, and that the country’s interests were not put at risk whatsoever.
On June 17, Commerce and Industry Minister Piyush Goyal also stated that India had a fantastic triumph at the World Trade Organization’s 12th ministerial conference (MC12) in Geneva, Switzerland. Goyal headed India’s team to the four-day global summit, which was prolonged for two more days due to disagreements among signatory countries on critical subjects.
India has emerged as a credible and strong voice for the developing & least developed countries with unprecedented outcomes at the MC12.
— Piyush Goyal (@PiyushGoyal) June 17, 2022
We have proven unequivocally our ability at constructing consensus for the larger good as a global leader.
Speaking to reporters after the once-every-two-year mega-conference of trade ministers from all 162 WTO member countries ended in the early hours of Friday, Piyush Goyal said, “India is 100% satisfied with the outcome of WTO’s MC12 conference. India was successful in ensuring the livelihood of its farmers and fishermen.”
Despite several foreign news accounts specifying India as a serious obstacle at the WTO, Goyal stated that India played a very constructive role in this ministerial. MC12 concluded with agreements on a global IPR waiver for Covid vaccinations and fishing subsidies to conserve ocean resources. The deal is in accordance with India’s desire to encourage sustainable fishing and to press for the abolition of “irrational subsidies” and overfishing by numerous nations that harmed Indian fishers.
“The agreement on fisheries is currently limited to illegal, unreported, unregulated fishing. The discussion on extending this to all government subsidies will take place going forward. Currently, there are no restrictions on government subsidies,” Goyal said at the press briefing.
Goyal also stated that there will be no negative consequences for India’s agricultural sector. He also said that India’s public stockholding programme for foodgrains will continue unabated. Goyal stated that negotiations on food security had proceeded to some extent.
MC12 also authorised a temporary suspension of some provisions of the World Trade Organization Agreement on Trade-Related Aspects of Intellectual Property Rights (TRIPS). Suspension of portions of the TRIPS agreement would enable governments to overcome the legal hurdles faced by patents in order to ensure timely distribution of economical medical supplies.
At the 12th ministerial meeting, which began on Sunday, negotiators from 162 nations sought agreement on a number of themes, including the WTO’s response to future pandemics and an IP waiver for vaccines, fisheries subsidies, WTO reforms, agriculture, food and nutrition security, and e-commerce solutions.
