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The member countries of the World Trade Organization (WTO) closed down a package deal of trade agreements with India paving the way. At the 12th ministerial conference (MC) of the WTO, after a tiresome 4 days of the meeting, the deal got approval, becoming the first major agreement in nine years.
The deal includes norms on food security and purchases, the outcome of fisheries subsidies, response to the pandemic, and trade-related aspects of intellectual property rights (TRIPS)
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Piyush Goyal's negotiation skills came as a savior as there were a number of trade-offs between developed and developing countries during the past 2 nights.
"All agreements fully agreed and were unanimously signed. A decision on a temporary patent (TRIPS) waiver is expected any time soon. We are just waiting for the US approval on it," said an official source in Geneva.
Piyush Goyal referred to the conference as an "outcome-oriented" success, as India was able to put forward before the world the issues for India and the developing world.
It was decided that no member nation shall not maintain any subsidy to a vessel or an operator engaged in illegal or unreported fishing, or fishing-related activities. Also, India agreed to an 18-month extension of the moratorium on customs duty on electronic imports.
“Few countries tried to create a false campaign, initially on Sunday and Monday, tried to obstinate due to which no progress was made. The real situation raised before us all, the issues raised by India, on which our Prime Minister said to focus upon, now the whole world acknowledges that it was the correct agenda and ultimately India played a vital role in arriving at all solutions.” Goyal said in a meeting.
The deal also focused on waiving the patents of covid-19 vaccines which will allow India and other developing countries to manufacture and export vaccines without requiring permission from the original developer and also can export to other needy countries for a period of five years.
-by Gautam
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