Outcomes of the WTO Ministerial Conference

By Educrat IAS Academy | | 0 comment | 3 July, 2022 | 0

Recently, member countries of the World Trade Organization (WTO) wrapped up the Ministerial Conference’s twelfth outing (MC12).

Key outcomes: “Geneva Package”

Relaxing patent regulations to achieve global vaccine equity
Ensuring food security
According subsidies to the fisheries sector
Continuing moratoriums relevant to e-commerce
Together they constitute what WTO Director-General is referred to as the “Geneva Package.”

The MC is at the very top of WTO’s organisational chart.
It meets once every two years and can take decisions on all matters under any multilateral trade agreement.
All decisions at the WTO are made collectively and through consensus among member countries at varied councils and committees.

India is a significant contributor to the World Food Programme (WFP).
India had earlier stated that it had never imposed export restrictions for procurement under the programme.
It put forth that a blanket exemption could constrain its work in ensuring food security back home.
In such a situation, it would have to keep its WFP commitments irrespective of its domestic needs.
Negotiators could not reach agreements on issues such as permissible public stockholding threshold for domestic food security, domestic support to agriculture, cotton, and market access.

India successfully managed to carve out an agreement on ELIMINATING subsidies to those engaged in illegal, unreported and unregulated fishing.
The only exception for continuing subsidies for overfished stock is when they are deemed essential to rebuild them to a biologically sustainable level.
Overfishing refers to exploiting fishes at a pace faster than they could replenish themselves — currently standing at 34% as per the UN Food and Agriculture Organization (FAO).
Further, the agreements hold that there would be no limitation on subsidies by developing or least-developed countries for fishing within their exclusive economic zones (EEZ).

Member countries agreed on authorising the use of a patent for producing COVID-19 vaccines by a member country, without the consent of the rights holder.
Further, it asks member countries to waive requirements, including export restrictions, set forth by WTO regulations to supply domestic markets and member countries with any number of vaccines.