WTO must address unequal rules that favour rich nations: Goyal

admin November 8, 2021
Updated 2021/11/08 at 9:23 AM

According to Commerce and Industry Minister Piyush Goyal, the WTO Agriculture Agreement is plagued with fundamental inequalities that favour rich nations and have tipped the rules against many developing countries.

To guarantee a rule-based, fair, and equitable system, the Minister said that past inequalities and imbalances must be addressed.

This was stated by Mr. Goyal during his presentation to the G-33 Virtual Informal Ministerial Meeting. Representatives from 21 nations, including India, took the floor out of a total of 47 G-33 members to make the short intervention.

Mr. Goyal said the G-33 must work for good results on a long-term solution to public stockholding for food security, the completion of a special safeguard mechanism (SSM) as soon as possible, and a balanced conclusion on domestic assistance.

The Minister encouraged the participants to work together to keep the G-33 coalition together and strengthen it even further by reaching out to additional like-minded developing countries to gain their support for a fair, balanced, and development-focused result on agriculture at the 12th meeting in Geneva.

The conference ended with the approval of the G-33 joint ministerial statement, which reaffirmed commitment to resolving WTO-mandated agricultural problems as quickly as possible.


Source: The Hindu

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