India’s victory at World Trade Organization

17/06/2022

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India’s victory at World Trade Organization

Team Ambitiousbaba are here with a Current Affairs Special Series. In this series, candidates will be introduced to current affairs topics daily, which will not only improve their general awareness but also will ensure that the candidates do not lack in any current affairs topic. Today’s Current Affairs topic is “India’s victory at World Trade Organization“

India has attained spectacular success at World Trade Organization (WTO)’s 12th ministerial conference (MC12) in Geneva, Switzerland. Commerce and Industry Minister Piyush Goyal has lead the Indian delegation to the four-day global summit which was stretched for two additional days after differences among member nations on key issues which led to intense negotiations.

Union minister Piyush Goyal has informed that India is fully satisfied with the outcome of WTO’s MC12 conference. India successfully ensured the livelihood of its farmers and fishermen. Even India has also successfully convinced all nations to ensure a patent waiver for the manufacturing of Covid vaccines.

While India had put forward for more comprehensive measures in these areas, as well as for talks on agriculture, the final outcome has been supported by New Delhi as promising.

This conference has restored the position of multilateral institutions by resolving on issues which were pending for decades.

India’s spectacular win:

The agreement on fisheries is currently determined to illegal, unreported, unregulated fishing. The discussion on covering this to all government subsidies will occur going forward. Currently, there are no restrictions on government subsidies.

Union Minister Piyush Goyal has also informed that there is no negative effect for India’s agriculture sector. A nominated global declaration to not curb food grain exports to the World Food Programme (WFP) is being blocked by India.

Trade related Aspects of Intellectual Property Rights:

The WTO has also settled to cunning a significant response to the pandemic. India gave reference to the patent waiver for Covid vaccines and MC12 has also finally agreed on a temporary suspension of certain parts of the WTO Agreement on Trade-Related Aspects of Intellectual Property Rights (TRIPS).

Some parts of the TRIPS agreement which are suspended would permit countries to overcome the legal challenges stuck by patents to ensure the timely provisioning of affordable medical products.

More decision at meeting:

The WTO has also determined to extend yet again the moratorium on taxation on e-commerce transactions.

The extension of the moratorium accepted but with a deadline. The decision has been made that there has to be clarity on the moratorium issue by March 2024.