The 12th World Trade Organization (WTO) Ministerial Conference in Geneva, Switzerland concluded on 17 June 2022, in which India has managed to win 164 countries in favour of its proposal.
In the annual meeting of the WTO, such an occasion has come after 9 years, when all the member countries have agreed on a single resolution.
Ministers from 164 WTO members have adopted various decisions including food security, e-commerce, TRIPS agreement, fisheries and preparedness for future pandemics.
This meeting of the WTO has given a big relief to the fisheries industry and on the proposal of India, the WTO member countries agreed to announce the relief package after two days (16-17 June) mutual talks.
Along with this, the WTO has also agreed on this issue, that the subsidy for catching sick fish in the Kovid crisis will also be investigated.
Agreed on the following topics:
Ministers from 164 members of the WTO formally agreed to prepare for the COVID-19 pandemic and future pandemics,
emergency response to food insecurity,
World Food Program prohibitions or exemptions from restrictions on food purchases,
work program on electronic commerce,
Formally Decision on TRIPS Agreement, which includes subsidies on fisheries.
India's draft in WTO:
India had prepared the draft to promote fishermen and fisheries industry of all developing countries.
A lot of subsidies are given for fisheries in India.
Whereas, in the WTO draft, it was said that developing countries have subsidies only up to 12 to 24 nautical miles.
India had demanded that this limit should be increased and the subsidy should be done for 25 years.
World Trade Organization (WTO):
The WTO is the only global international organization that deals with the rules of trade of various nations.
At its center are the World Trade Organization agreements, which have been negotiated and signed by most of the trading countries of the world and have been approved by the parliaments of those countries.