Global Inflation: India wants the WTO to play its role in curbing global inflation

India wants the World Trade Organization (WTO) to play its role in curbing global inflation, which is affecting most member countries’ economies.

According to a statement by India issued by Permanent Representative of the Ambassador to the WTO Brajendra Navnit, reviving the economy and sustaining growth after the pandemic and during a conflict situation should be the top priority for the global trade body.

“The current situation has a new important problem… and that problem is rising inflation in most domestic economies.

“These will be carried through food, fertilizer and fuel crises and will devastate the economy. It will undo many gains made before the pandemic…” he said.

The statement was made on May 4 during an informal meeting of the Trade Negotiating Committee (TNC) and Heads of Delegation (HoDs).

For MC12 (12th Ministerial Conference), “we think the WTO has a role to play to take care of these important issues,” he added.

India, he said, looks forward to a successful MC that will solve the critical issues facing the world, including the current food crisis and the ongoing pandemic.

The 12th Ministerial Conference, the highest decision-making body of the WTO, is scheduled to meet in Geneva on June 12-15.

On food security, India appealed to members that there was a need to find ways to support the efforts of countries that are able to help others through distributions from their stocks during the current food crisis.

“And we should in no way link this to the ongoing stalemate in the agricultural sector negotiations on the WTO’s response to the pandemic, which includes both IP (intellectual property) and non-IP agendas,” he added.

Regarding the proposed waiver of TRIPs (Trade Related Aspects of Intellectual Property Rights) to deal with the Covid-19 pandemic, he said that this should be one of the key outcomes for MC12.

“For us, an outcome of this proposal must be immediately feasible, practical and one that ensures security of supply and fair and affordable access,” he said.

Referring to the proposed deal on fisheries subsidies, he said India had requested that a full discussion on deep-sea fisheries should be at a technical level and not left to political discussion at ministerial level.

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