WTO Meet: World Trade Organization approves this trade package deal after 9 years, know why it is a big success for India

WTO Package Deal: After six days of talks, 164 members of the World Trade Organization (WTO) finally sealed a package deal in Geneva on Friday morning, in which India was at the fore. That is why it is being considered as a big victory for India. It was the first major agreement in nine years for developing countries to cover key issues such as food security, balanced impact fisheries subsidies and pandemic response. An important decision regarding patent exemption on the Kovid-19 vaccine is expected soon. The United States has not yet officially sealed it. 

These are the three main points

  1. fishing subsidies and The deal lasted until the last minute on Thursday night, with the TRIPS discount ending.
  2. The agreement that tested the negotiating skills of Commerce and Industry Minister Piyush Goyal saw several trade talks between developed and developing countries during two nights of marathon talks, in which India was successful.
  3. All agree fully to the agreement and have been signed unanimously. A decision on Temporary Patent Waiver (TRIPS) is expected soon. Minister Piyush Goyal told reporters in Geneva, "We are waiting for US approval."

PM Modi kept an eye

According to sources, Prime Minister on talks through cabinet in Geneva Narendra Modi actively monitored and guided them. India defended the right of Indian fishermen to increase subsidies at the last minute by removing the controversial clause from the text. In return India agreed to an 18-month extension of the tariff moratorium on electronic imports. Minister Piyush Goyal said that for the first time a resolution has been passed to stop subsidies to such fishermen to check overfishing, deep sea fishing, illegal and unregulated fishing.

a great achievement for the country

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What Happened on Vaccine Patent Waiver

Vaccine patent waivers of some countries and last-minute objections to the fisheries agreement were hampered. The UK suspended the patent waiver agreement for five hours, while the US and China took a few more hours to resolve the issue of eligibility under the agreement. African, Caribbean and Pacific states (ACP) have called for more subsidies on fishing countries. It was India’s demand, which is being seen as India’s success.

This demand will be placed in the next meeting

what did Piyush Goyal say

Piyush Goyal said, "This will not only save lives in some poor countries, but will also help Indian companies to set up more manufacturing plants in many countries." According to sources, the discussion on all these important issues was stalled on Wednesday. Discussions were stopped by raising some issues, because many developed countries did not want to accept India’s demands. India accepted the role of facilitator and reached out to many countries including America and South Africa. Discussions resumed after Goyal held several bilateral and small group meetings and tried to bring all countries on board.

These two clauses were repealed

Two controversial clauses banning additional fishing subsidies within seven years have been repealed, keeping Indian fishermen’s subsidies stable. The current agreement will only help stop illegal and unregulated fishing. Piyush Goyal said, "India has made it clear that if the final package of MC12 is in the interest of India and developing countries, then India will suspend the proposal to impose duty on digital imports for the next one-and-a-half year."

The current ban will continue till this date

Agriculture sector also agreed on this matter

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