Trading system at World Trade Organization

neerajsingh18

Jul 25

Trading system 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 "Trading system at World Trade Organization"

India with support of Egypt and around 90 other countries have pressed the long pending solution at a meeting of the Committee on Agriculture at the WTO in recent. In the meeting India stated that a permanent solution for food security is a long overdue mandate and asserted on a solution that the General Council should sanction without pending this for the next ministerial conference of the multilateral trade body.

Fairer trading system:

India and Egypt with support of other 90 countries has demanded to establish a fairer trading system at the World Trade Organization (WTO).

Challenges about Domestic production:

Even these countries have also suggested increasing domestic production amid the severe food and nutrition challenges being faced by many net food-importing developing countries and least developed countries.

Food security demand:

The ACP (African, Caribbean and Pacific countries) Group, G33 Group, the African Group, and least developed countries have demanded food security to be at the heart of the future agriculture negotiations.

They also emphasized on more policy space which has to be needed to tackle food insecurity, in particular a permanent solution on public stockholding for food security purposes along with a special safeguard mechanism to assure sudden import surges and price drops.

Restrictions by WTO:

India has already pointed out the main problem that countries are restricted to export food grains from their public stock holdings as they are procured at subsidized rates.