In the early hours of Friday in Geneva, the 164 member countries of the World Trade Organization (WTO) finally signed a package of trade accords, with India leading the way.
Prime Minister Narendra Modi, according to insiders, actively oversaw deliberations at the Geneva ministerial.On Friday, the 12th World Trade Organization (WTO) Ministerial Conference came to a close.
With problematic phrases deleted from the document at the last minute, India defended its right to offer subsidies to its fishermen. In exchange, India agreed to an 18-month extension of the customs tariff moratorium on electronic goods, which it claims benefits wealthy countries.
On India’s instance sovereign sights on EEZ (exclusive economic zones) have been firmly established. It is a really big achievement.
"India's moral stance at the WTO has increased the voice of the poor and vulnerable around the world. Gone are the days when India, as the world's leading economy, accepted outcomes that harmed the poor. India has been a leader in bringing the challenges of developing countries to the attention of the WTO "Added the official.
Fishermen, farmers, food security, multilateralism, and trade and business, notably digital economy and MSMEs, are among the "historic choices" made by the WTO's 12th Ministerial Conference.
The agreements reached at the WTO's 12th ministerial meeting were hammered out over days of round-the-clock negotiations, and they mark the first substantial accord in nine years.