India wants the World Trade Organization to help control global inflation

India wants the World Trade Organization to help control global inflation

For MC12 (12th ministerial conference), ”we think that the WTO has a role to play to take care of these important problems,” he added. India, he said, is looking forward to a successful MC that will deliver on the critical issues which the world is confronting including the current food crisis and the ongoing pandemic. The 12th ministerial conference, the highest decision-making body of the WTO, is scheduled to meet on June 12-15 in Geneva.

On the TRIPs (Trade-Related Aspects of Intellectual Property Rights) waiver proposal to deal with the Covid-19 pandemic, he said it should be one of the key deliverables for MC12. ”For us, an outcome on this proposal needs to be immediately doable, practical and one that ensures the security of supply and equitable and affordable access,” he said. On the proposed agreement on fisheries subsidies, he said India has demanded that a full discussion should be held on distant water fishing at the technical level and it should not be left for political discussion at the minister’s level.

Story Highlights

  • ”The present situation has got a new important problem…and that problem is the increasing inflation in most of the domestic economies. ”These are getting transmitted through food, fertiliser, and fuel crisis and it is going to devastate the economy. It is going to wipe out a lot of gains which were made before pandemic…,” he has said. The statement was delivered on May 4 during an informal meeting of trade negotiations committee (TNC) and head of delegations (HoDs).

  • On food security, he said India is appealing to the members that there is a need to find ways and means to support the efforts of countries that are in a position to help others through distributions from their stocks during the current food crisis. ”And we should not link this in any manner to the ongoing deadlock in negotiations in the agricultural sector on WTO’s response to the pandemic which includes both IP (intellectual property) and non-IP agenda,” he added.