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India wins as WTO clears historic deal
December 6, 2013, 5:10 pm

The International Chamber of Commerce has said a deal in Bali could boost global gross domestic product by $960 billion [AP]

The International Chamber of Commerce has said a deal in Bali could boost global gross domestic product by $960 billion [AP]

Indian trade minister Anand Sharma said on Friday he would endorse a draft trade reform at the World Trade Organization, removing a major obstacle to a deal.

“We are more than happy. It is a great day. It is a historic day,” said Sharma.

This paves the way for the first global trade deal in decades, while protecting India and other developing nations’ need for food subsidy for its poor.

The International Chamber of Commerce has said a deal in Bali could boost global gross domestic product by $960 billion.

“It is a victory for the WTO and for the global community to have arrived at a mature decison,” Sharma said in Bali.

South Africa has supported India’s stand on food security during the hectic four days of negotiations.

“Public food stock programme are important for millions of low income people of developing countries…these programmes should be allowed to continue. They are vital part of food security,” South African Trade Minister Rob Davies.

“It is not just India that has issue, there are several African countries who have similar programmes, so it is not just India’s,” he added.

China and India have been backed by the G-33, group of 46-member developing nations in a proposal to amend the WTO Agreement on Agriculture in order to procure foodgrains from poor farmers at minimum support price and sell to poor people at cheap rates through public distribution system.

 

Source: Agencies

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