World News | Key Decisions by WTO Members at MC-12 to Benefit India, Developing World: FICCI

New Delhi [India], June 17 (ANI): Federation of Indian Chambers of Commerce and Industry (FICCI) President Sanjiv Mehta said that key decisions taken by the World Trade Organization (WTO) members at the 12th Ministerial Conference will benefit India and the developing world.

Complimenting the Commerce and Industry Minister Piyush Goyal on achieving a positive and favourable outcome at the just concluded WTO Ministerial Conference, Mehta said, "It's great to see that our Commerce Minister Piyush Goyal has successfully negotiated and secured a favourable outcome for the country on a number of critical issues at the 12th Ministerial Conference of WTO."

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"It is a matter of immense satisfaction to see that, thanks to Commerce Minister's firm stand and steadfast efforts, the voice of the poor and vulnerable was effectively raised and heard on the global platform," FICCI President highlighted.

Speaking further Mehta said, "In particular, the outcome on the fisheries subsidies would imply that there would be a check on illegal, unreported and unregulated fishing. Strict controls on overfished areas would ensure that fish stocks are not depleted fast. Also, it is reassuring that the decision on TRIPS will diversify vaccine manufacturing capacity and lead to vaccine equity, accessibility and affordability."

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"We are glad that India was at the centre stage of the negotiations during the past few days and made a significant contribution to the 'Geneva Package' agreed by the member countries. This is an important deal and expected to go a long way in restoring the confidence in WTO and revitalizing the multilateral trading system," added Mehta.

This comes at the backdrop of 12th WTO ministerial conference that saw some landmark decisions. India changed the narrative and controlled it well from beginning to end at the WTO ministerial conference and the country's image has risen phenomenally in the world community, sources said.

There was a ministerial conference outcome after seven years. There were ministerial decisions on all items except agriculture, which was expected. A total of eight or nine with landmark decisions in some areas.

According to sources, what was achieved at the WTO is it is a stupendous achievement.The sources said India's image transformed from being a deal-breaker to deal maker, something unthinkable a year ago.The 12th WTO Ministerial Conference concluded in Geneva on Friday."We changed the narrative and controlled it well from beginning to end. The nation's image in the world community has risen phenomenally. We have done India proud," a source said."We have an agreement on vaccines, an extremely difficult decision for many countries. It opens doors for controlling pandemics better in future."The 12th Ministerial meeting reached an agreement on illegal fishing, without compromising the interests of India's poor and marginal fishermen."Who could have even thought about it. A month ago it was not possible. On Thursday at 4 pm, it was literally dropped. And then it happened. And we had a critical role in it. Who could have imagined India as a deal maker," the source said.India protected its public stockholding and, at the same time, helped food aid. (ANI)

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