Tuesday 28 June 2022
- Advertisement -

India secures livelihood of farmers, fishermen, patent waiver for vaccine manufacturing at WTO meet

'India is 100% satisfied with the outcome of the WTO MC12 conference; we were successful in ensuring the livelihood of our farmers and fishermen,' the union minister said

India has achieved spectacular success at World Trade Organisation’s (WTO) ministerial conference (MC12) in Geneva, Switzerland, Union Commerce and Industry Minister Piyush Goyal said today. Goyal had led India’s delegation to the four-day global summit, which was extended for two additional days after differences among member nations on key issues, led to intense negotiations.

Highlighting the fact that India was successful in convincing all nations to ensure a patent waiver for the manufacturing of Covid vaccines, Goyal said, “India is 100% satisfied with the outcome of WTO‘s MC12 conference. India was successful in ensuring the livelihood of its farmers and fishermen.” The commerce minister was speaking to the press after the once-in-two-year mega meeting of trade ministers from all 162 WTO member nations concluded in the early hours of Friday.

The meet ended with deals on a global intellectual property rights (IPR) waiver for Covid vaccines and fishing subsidies to protect ocean resources. Moneycontrol had reported on Thursday that both deals were expected to finally pass despite intense debate.

While India had pushed for more comprehensive measures in these areas, as well as for talks on agriculture, New Delhi sees the final outcome as promising.

“Everyone had written off this conference as a failed endeavour when it had begun. There had been no decision, not even an outcome document at WTO since 2015. There were a lot of arguments against multilateralism and that globalization has no promise. This conference has reestablished the position of multilateral institutions by deciding on issues which were pending for decades,” Goyal stressed.

“The agreement on fisheries is currently limited to illegal, unreported, unregulated fishing. The discussion on extending this to all government subsidies will take place going forward. Currently, there are no restrictions on government subsidies,” Goyal said.

Instead, the WTO has cognizance of India’s demand that nations that have consistently supported illegal deepsea fishing be regulated, he added.

Goyal also said that there is no negative outcome for India’s agriculture sector. India’s public stockholding program for foodgrains will also continue unhindered, he added. On the issue of food security, Goyal said talks have progressed to a certain degree.

A proposed global declaration to not curb foodgrain exports to the World Food Programme (WFP), which seeks to fight hunger in places hit by conflicts, disasters, and climate change, passed in a modified form after being blocked by India.

“The WTO has also decided to craft a significant response to the pandemic,” Goyal said referring to the patent waiver for Covid vaccines. MC12 has also finally approved a temporary suspension of certain parts of the WTO Agreement on Trade-Related Aspects of Intellectual Property Rights (TRIPS).

Suspending parts of the TRIPS agreement would allow countries to overcome the legal challenges posed by patents to ensure the timely provisioning of affordable products. However, the deal will cover only vaccines and not related items.

While India had consistently pushed for keeping all therapeutics and diagnostic technologies part of the deal, the final deal will help both developing and poor nations to access much-needed vaccines Goyal said. “The WTO has approved the solution that came out of consistent discussions between India, South Africa, United States and European Union on the issue,” he said.

The WTO has also decided to extend yet again the moratorium on taxation on e-commerce transactions.

The WTO members had agreed to not impose customs duties on electronic transmissions since 1998 and the moratorium has been periodically extended at successive ministerial conferences. However, India has increasingly become a strict opponent of the move and initially blocked the continuation of the moratorium at MC12.

India had stressed that it is willing to tax electronic transactions in the near future, using Section 9(1)(i) of the Income Tax Act. It also wants to retain the policy space to grant preferential treatment of digital products created within India.

“The moratorium was extended but with a deadline. It was decided that there has to be clarity on this issue by March 2024,” Goyal argued. The next ministerial conference (MC13) is set to be held then.

Contribute to our cause

Contribute to the nation's cause

Sirf News needs to recruit journalists in large numbers to increase the volume of its reports and articles to at least 100 a day, which will make us mainstream, which is necessary to challenge the anti-India discourse by established media houses. Besides there are monthly liabilities like the subscription fees of news agencies, the cost of a dedicated server, office maintenance, marketing expenses, etc. Donation is our only source of income. Please serve the cause of the nation by donating generously.

Join Sirf News on


Latest video

Share via

Similar Articles


Scan to donate

Swadharma QR Code
Sirf News Facebook Page QR Code
Facebook page of Sirf News: Scan to like and follow

Most Popular

%d bloggers like this: