Note4Students
From UPSC perspective, the following things are important :
Prelims level: MC13, WTO
Mains level: Read the attached story
In the news
- The 13th Ministerial Conference (MC13) of the World Trade Organization (WTO) convened in Abu Dhabi, UAE, from February 26 to March 2, drawing participation from 166 member countries.
- The conference culminated in the adoption of a ministerial declaration outlining a reform agenda to bolster the WTO’s role in regulating global trade and facilitating seamless cross-border commerce.
About World Trade Organization (WTO)
| Details | |
| Establishment | 1995, replacing GATT |
| Objective | To regulate international trade |
| Headquarters | Geneva, Switzerland |
| Members |
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| Objectives |
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| Principles |
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| Important Trade Agreements |
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| WTO Agreement on Agriculture (AoA) |
Subsidies Types:
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| Most Favoured Nation Clause |
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Key Decisions at MC13
- Dispute Settlement System: Member countries reaffirmed their commitment to establishing a fully functional dispute settlement system by 2024.
- Special and Differential Treatment (S&DT): Emphasis was placed on enhancing the utilization of S&DT provisions to support the development objectives of developing and least developed countries (LDCs).
Challenges to Multilateral Trading Order
- Rising Protectionism: Developed economies, amid growing domestic pressures, have exhibited a propensity towards protectionist policies, challenging the prevailing globalized trade paradigm.
- Supply Chain Disruptions: Ongoing conflicts and sanctions have disrupted global supply chains, necessitating a reassessment of trade norms to ensure resilience and efficiency.
- Development Disparities: Concerns persist regarding the equitable treatment of nations, with attention directed towards mitigating disparities between richer nations and LDCs.
India’s Approach
- Public Stockholding (PSH) Programme: India advocated for a resolution concerning the PSH program, crucial for ensuring food security. The program enables the procurement and distribution of essential food grains to millions of beneficiaries at subsidized rates.
- Fisheries Subsidies: India proposed measures to regulate fisheries subsidies, advocating for support to poor fishermen within national waters while curbing subsidies for industrial fishing in international waters.
- E-commerce Customs Duties: India pressed for the removal of the moratorium on customs duties for cross-border e-commerce, citing the need to safeguard revenue generation in the digital trade landscape.
Outcomes
- Agriculture: MC13 witnessed the formulation of a text addressing agricultural issues, marking a significant milestone after decades of negotiations.
- Fisheries: Progress towards consensus on fisheries regulations was noted, with expectations of finalization by mid-year.
- E-commerce Duties: Despite efforts, the exemption from customs duties for e-commerce transactions was extended for an additional two years, disappointing several developing economies.
Conclusion
- The outcomes of MC13 underscore the imperative for collaborative efforts to address pressing challenges in global trade.
- While strides were made in certain areas such as agriculture and fisheries, unresolved issues surrounding e-commerce and development disparities persist.
- As nations navigate the evolving trade landscape, sustained dialogue and concerted action are essential to foster inclusive and sustainable economic growth worldwide.
Try this PYQ from CSE Prelims 2015:
The terms ‘Agreement on Agriculture’, ‘Agreement on the Application of Sanitary and Phytosanitary Measures’ and Peace Clause’ appear in the news frequently in the context of the affairs of the:
(a) Food and Agriculture Organization
(b) United Nations Framework Conference on Climate Change
(c) World Trade Organization
(d) United Nations Environment Programme
Post your response here.
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