India, run with the big guys now!
India, run with the big guys now!
The media and the government breathed a sigh of relief that the agony of the Hong Kong WTO ministerial is over, and that the agreed text of Sunday night did not cause any political damage at home. The relief was apparent in the commerce minister’s statement on return that the agreement fully secures the concerns of our farmers. It ensures that no subsidy-ridden farm products are exported to India…the phase-out of export subsidies by developed countries will also give Indian farmers a chance to compete in the world market.
India was able to forge an alliance of developing countries, the G-110, which was effectively able to negotiate for an end date (2013) for agricultural subsidies of the developed countries (notably the EU), as well as for provisions of Special Products and Special Safeguard mechanism against surges in imports. On industrial tariffs, the less than full reciprocity provision is likely to be of advantage to the developing countries seeking to reduce import tariffs.
More: financialexpress.com