India commerce minister Suresh Prabhu says India fulfills global obligation with WTO conference while food security led importance.

Buenos Aires: US Trade Representative Robert Lighthizer’s indirect attack on India, China and Brazil says there being wrong in view as his statement in plenary speech at the WTO ministerial Conference (MC11) in Buenos Aires. He said “There is something in our view when five of the six richest countries in the world presently claim developing country status”.

Addressing to the press conference later in the day India’s Commerce and Industry Minister Suresh Prabhu said that India is fulfilling the global obligation of pulling millions of people out of poverty through its own resources and is just the right candidate for special and differential treatment in the world trade reserved for developing countries and least developed countries. He also said that 98% Indian farmers are low income or resources poor, as to face unfavorable agro climatic condition further combining with climate change. However he assured that government is committed to doubling farmer’s income by 2022 though circumstances make it imperative to balance trade liberalization with need to protect livelihood. Prabhu said that India GDP may be rising but per capita income was much low than ones enjoyed by rich nations. “Special and differential treatment for developing countries is a very important part of the WTO’s mandate and must be preserved. We are willing to engage on proposals that recognize this right for all developing countries without exception”.

The USTR, in his speech, further said that members needed to clarify their understanding of development within the WTO. “We cannot sustain a situation in which new rules can only apply to the few, and that others will be given a pass in the name of self-proclaimed development status,” Lighthizer said. “We should all be troubled that so many members appear to believe that they would be better off with exemptions to the rules, he added. “If in the opinion of a vast majority of members playing by current WTO rules makes it harder to achieve economic growth, then clearly serious reflection is needed,” the USTR said.

When asked whether he would be meeting the USTR in the on-going MC 11, Prabhu said a meeting was being planned. “The US is an important and valued trade partner for India and we will certainly keep engaging,” he said.

AMIDST ALL CONTROVERSY AS IT END ON WEDNESDAY KEY POINTS

While every tow year world’s trade ministers meet in great location which being Buenos Aries this year while this year is seen lock horns over most intractable trade issues which world facing while dividing rich one side to poor-middle class other side As WTO (World trade organization) top most decision making body had this year 11th meet never actually seem to take decision at all that record. Well outcome of this year are

After US on Tuesday blocked a permanent solution government stockholding for food security purpose while India got toughened it stand on new issues including e-commerce and investment facilitation. Though consensus cannot reach ministerial declaration and the conference ended with chair summary only.

As to secure deal on elimination of fisheries subsides by the next ministerial in Dec 2019 which shown reluctance on part of China and India to make immediate commitments in this meet.

Argentine President Mauricio Macri even made a last-minute call to India’s trade minister Suresh Prabhu, leading the Indian delegation at Buenos Aires, to sign a draft ministerial declaration. “As the draft lacked emphasis on issues close to India’s concern such as multilateralism, Doha Development Agenda, special and differential treatment of developing countries, India refused to budge. No ministerial declaration is better than a bad one,” a senior Indian commerce ministry official said on condition of anonymity.

“Due to divergences among members, and a few members not supporting acknowledgement and reiteration of key underlying principles guiding the WTO and various agreed mandates, ministers could not arrive at an agreed ministerial declaration,” an Indian commerce ministry statement said.

“We knew that progress here would require a leap in members’ positions,” WTO director general Roberto Azevedo said at the concluding ceremony. “We didn’t see that.”

Indian officials expressed disappointment as the WTO failed to deliver on its promise of a permanent solution in this round, but expressed satisfaction that they were able to thwart moves by developed countries to introduce new issues into the WTO agenda such as e-commerce, investment facilitation, MSMEs (micro, small and medium enterprises) and gender equality.

Azevedo assured members of WTO’s commitment to deliver a permanent solution on government procurement for food security purposes and said work will continue post MC11 to deliver on that promise.

Developed countries led by the US and the European Union sought to find a way out of the deadlock at the WTO talks by forming large pressure groups on e-commerce, investment facilitation and MSMEs. The WTO with more than 70 members in each formulation, WTO is driven by consensus and even a plu-lateral agreement needs approval of all members, analysts see the formation of these groups as an attempt to steer WTO away from its focus on multilateralism. News as source live mint details.