WTO makes Trade Facilitation Agreement Facility operational
(Pic. Source - WTO)The World Trade Organisation (WTO) has advanced the date to find a permanent solution on public stockholding and food security programmes from 2017 to December 31, 2015, and has made the Trade Facilitation Agreement (TFA) Facility operational. At a meeting of the General Council yesterday, Roberto Azevêdo, Director-General, WTO, congratulated the 160 members for adopting decisions related to public stockholding for food security programmes, the TFA and the post-Bali work. He said, “WTO work is back on track.” Three decisions were arrived at the General Council meeting. The first decision was about finding a permanent solution on public stockholding for food security purposes by 31 December 2015. Members have also agreed to continue with the peace clause if a permanent solution isn’t found by the deadline. The move is considered as the biggest breakthrough in WTO's history and an achievement for India which wanted the peace clause to continue until a permanent solution on food security programmes is found. Later in the day, Nirmala Sitharaman, Minister of Commerce & Industry, India, informed the Parliament, "This would do away with any ambiguity on this aspect as well as guard against the possibility of no cover being available after 2017 in case a permanent solution on public stockholding for food security purposes is not arrived at by then. It, therefore, strengthens the safeguard available for continuing the Minimum Support Price policy which is a lifeline for millions of our low income, resource poor farmers." The second decision was about the official adoption of the TFA into the WTO rulebook, which makes the TFA Facility operational and allows members to ratify the TFA in their respective countries according to domestic procedures. It also allows Least Developed Countries (LDCs) to get help in the implementation of the TFA. The third decision was about the WTO's post-Bali work, which is expected to begin soon. Azevêdo said, “We have given ourselves the chance to prepare the post-Bali work program. But, crucially, during this process we have seen a renewed commitment to the multilateral system.” Having built the consensus at the General Council, the WTO now needs a two-third majority for the TFA to come into force. The WTO is planning to meet again at the General Council meeting on December 10, 2014.
This article was published on November 28, 2014.
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