On Friday at the World Trade Organization [WTO] India is most likely to float a project which is prepared for reforming the dispute settlement mechanism, transparency, and rulemaking demands. The project will be launched during the informal ministerial gathering during the ongoing course at the World Economic Forum meeting which is held at Davos.
The United States has blocked the appointments of Judges at the global trade watchdog for almost more than 2 years which has provoked the Indian government to come up with the reform papers. The US is also blaming that the emerging economies like India and China are consuming the developing rights of the developing nations and US is claiming penalties on countries in-case the countries initiates or expands the subsidies especially for domestic industries without notifying the organization about it.
The reform paper focuses on three main issues namely transparency, rulemaking and dispute settlement.
We have already made it cleared that the issues related to judicial needs to be solved first because that is the core and central topic. As there is no WHO organization without this was stated by an official.
If we cannot implement the rules of the World Health Organization [WHO], then it is as better as a debating body. Most importantly initiate the process of reappointing the Judges, and later we shall consider talking about other issues, although a single country should do nothing without the agreement of the other country. The official stated.
The official further stated, Regarding the issues related to transparency and notifications the Indian official mentioned that India is against the concept of linking notification needs with harsh activity. In November last year, the US proposal was rejected by India and 40 other peoples that allow preventing defaulters from ruling throughout the bodies of WTO and enables other countries to not to answer queries that are placed by them. Notification is meant for transparency sake, and breaching of any such requirements may not cause a violation of some agreements.
Hike on duty by the US on specific aluminum and steel products have caused trade war like circumstances.
To promote new issues, the rich nations are making groups and are preparing for grounds. Issues related to preparing rules for e-commerce, investment facilitation, reducing subsidy on fisheries and promoting gender equality are included in the new issues.
At WTO India is vigorously pushing for the issues related to agriculture.
The negotiations at WTO’s 11the ministerial conference had collapsed when the US knocked down its commitment to determine a permanent solution to the issue related to public food stockholding, for India it is a very crucial affair.
During the time of growing protectionism at the back within the global trade, India’s move is assumed to be the more significant one who is harming the confidence of WTO.
Some members want to enhance the 164 member body further to make it more powerful.
Roberto Azevedo, the chief of WTO, has informed that the US has few consequences along the way towards the global trade operations.
WTO was formed in 1995, and since the world has noted changes the US made a statement, and there needs to some reforms and upgrades within the Geneva-based body.
Suresh Prabhu the Commerce and Industry Minister had informed a few days back that India would develop an agenda for the conference by taking into consideration the developed and developing countries.
Harold joined our team as a reporter while still studying, a job that suited him perfectly as he always prefers working on the stock analysis. He has a passion for new technologies, economics, finance, and is always keen to learn more about the ever-changing world of journalism. Harold also likes to explore new things in his free time.