WTO must implement decisions: Goyal
India needs a permanent solution on grain storage. This decision has been waiting to be implemented for 10 years. India's stand regarding the fisheries industry is also based on its own interests and justice.
Abu Dhabi: India, leading the developing countries, has said that there is a need to restore confidence in the multilateral system of world trade. For this WTO will have to implement its decisions. India needs a permanent solution regarding grain storage. This decision has been waiting to be implemented for 10 years.
Late on Wednesday night, on the second day of the 13th WTO ministerial, India’s Commerce Minister Piyush Goyal spoke to journalists in Abu Dhabi. He said that he wants to assure farmers in India that their interests will be fully protected.
The Commerce Minister said that India needs a permanent solution regarding grain storage. This decision has been waiting to be implemented for 10 years. India’s stand regarding the fisheries industry is also based on its own interests and justice.
India has taken a very tough stance on reforming WTO dispute settlement. The Commerce Minister said that whatever decision is taken by WTO will be implemented and if anyone breaks the rules, justice will be provided through dispute resolution. India wants an Appellate Committee to be formed so that the disputes can be resolved. The US has been stalling this effort for a long time.
The Commerce Minister participated in the talks on Wednesday and met several key trade ministers including WTO Director General Ngozi Onkojo Iweala and US Trade Secretary Katherine Tye. Goyal said that eight issues were agreed upon on the last day of the Geneva meeting, so there is still hope of reaching some settlement here too.
Sources say that India is unlikely to compromise on anything less than the relaxation in increasing the subsidy on grain storage. India stopped China’s proposal regarding investment. There is a tussle going on regarding continuation of customs duty exemption on e-commerce.