WTO MC 12 Meeting: Here Are The Major Outcomes

The 12th ministerial conference of the World Trade Organisation (WTO) concluded on Friday in Geneva.

India has been able to secure a favourable outcome at the WTO after many years, despite a strong global campaign against our farmers and fishermen, said Union Minister Piyush Goyal. 

He said that India stood strong for its Micro, Small and Medium Enterprises (MSMEs), farmers and fishermen at the WTO. 

Goyal also admitted that India and the developing countries accepted certain compromising decisions when the WTO was established 30 years ago and during the Uruguay round of negotiations.

"India today bats on the front foot rather than being fearful on various issues be it environment, startups, MSMEs or gender equality. This is a result of the confidence in new India. India is able to build consensus and get a win-win outcome for the world," he said.

Here are the major outcomes according to the finance ministry at the WTO MC 12 meeting: 

On fisheries, there would be a check on illegal unreported and unregulated fishing in our waters and elsewhere. There would be very strict controls on overfished areas so that fish stocks are restored. 

Additionally, no subsidies are to be provided for fishing in areas outside EEZ or RFMOs. The TRIPS decision will boost export, vaccine equity, accessibility and affordability. 

A country can authorise the production of vaccines patented elsewhere and there would be no consent required as well as there would be no limit on exports. 

A decision on diagnostics/therapeutics would be taken in 6 months. There would be a faster pandemic response in future and there would be fewer trade barriers in pandemics.

The agenda decided on WTO reforms will make the WTO a more efficient, agile body. 

The dispute settlement body will be revived and play its expected role in settling trade disputes. The reform would deliver better trade outcomes for developing countries. 

A reference to gender, environment and MSME has been made in the WTO reform agenda. On e-commerce, while agreeing to the temporary moratorium, India asked for intensifying discussions on the moratorium including its scope, definition and impact for taking an informed decision on the same.

The food security declaration focuses on making food available in developing countries while working towards increasing productivity and production.

As regards the World Food Programme (WFP), there would be no export restrictions on WFP purchases for food security in other countries; However, domestic food security will take priority.