The World Trade Organisation deals with the global rules of trade between nations. The same WTO dictated rules to the likes of India for decades and the Indian governments followed subduing the interests of its own citizens. However, the times have changed, and today’s India has begun dictating terms to the WTO.
The world salutes the rising sun, and the same has been witnessed recently at the WTO. The World Trade Organisation which claims to own the power of regulating international trade has been forced to bow down before India’s might, and it was evident during the 12th ministerial conference. Before the beginning of the conference, India made it crystal clear that it will not buckle under any kind of pressure.
At the 12th Ministerial conference, India fought for three main issues; farm subsidies, fisheries subsidies and TRIPS waiver. And the WTO decided to listen to India’s appeal and ditch its support for the West’s hegemony.
WTO announces fisheries subsidies agreement
Fisheries subsidy has been a bone of contention for more than two decades. Geographical entities like China, the US and European Union have historically provided huge subsidies to their fisheries sector. The subsidies in countries like India are substantially low. And the increased subsidy has resulted in illegal, unreported and unregulated (IUU) fishing.
For the first time in the course of history, subsidies for overfishing, deep-sea fishing and illegal, unreported and unregulated fishing were addressed through the proposed pact at the conference.
“We succeeded in bringing regulation for those who indulge in illegal fishing or catch fish but don’t report it or those who work outside regulation – indulging in illegal, unregulated, unreported fishing,” said Union Minister Piyush Goyal after WTO’s 12th Ministerial Conference, in Geneva.
Goyal took a jibe at the countries expert in this. Goyal while citing it as a major victory for India said, “They are responsible for finishing the fish across the world, with deep-sea fishing. India succeeded in bringing a regulation for them,…”
WTO passes a package of trade deals
The Indian delegation under Minister Piyush Goyal did not step back on any of the issues involving agricultural and fisheries subsidies. And New Delhi succeeded in protecting the interests of fishermen and farmers.
After five days of negotiations and constant push from the Indian delegation headed by Commerce minister Piyush Goyal, the WTO’s members cleared a package of trade deals, including pledges on health, reform and food security.
MC12 ended with two crucial deals for India; a deal on global intellectual property rights (IPR) waiver for Covid vaccines and second on protecting ocean resources.
Piyush Goyal led delegation participated and achieved an unpredictable success at WTO’s 12th ministerial conference. The four-day global summit was later extended for two additional days as India pushed for intense negotiations.
The WTO hailed for a 7-year negotiation drought, has broken the legacy and has agreed to all issues proposed by India. India has emerged as a credible voice for itself as well as other developing and least developed nations while establishing itself as a global leader.