Key decisions taken by the WTO members at MC-12 will benefit India and the developing world: FICCI

Jun 17, 2022

NEW DELHI, 17 June 2022: Complimenting the Commerce and Industry Minister Mr Piyush Goyal on achieving a positive and favourable outcome at the just concluded WTO Ministerial Conference, FICCI President Mr Sanjiv Mehta said, "It's great to see our Commerce Minister Mr Piyush Goyal has successfully negotiated and secured a favourable outcome for the country on a number of critical issues at the 12th Ministerial Conference of WTO."

"It is a matter of immense satisfaction to see that, thanks to Commerce Minister's firm stand and steadfast efforts, the voice of the poor and vulnerable was effectively raised and heard on the global platform," FICCI President highlighted.

Key decisions taken by the WTO members at the MC-12 will benefit India and the developing world. Mr Mehta further said, "In particular, the outcome on the fisheries subsidies would imply that there would be a check on illegal, unreported and unregulated fishing. Strict controls on overfished areas would ensure that fish stocks are not depleted fast. Also, it is reassuring that the decision on TRIPS will diversify vaccine manufacturing capacity and lead to vaccine equity, accessibility and affordability." 

"We are glad that India was at the centrestage of the negotiations during past few days and made a significant contribution to the 'Geneva Package' agreed by the member countries. This is an important deal and expected to go a long way in restoring the confidence in WTO and revitalizing the multilateral trading system," added Mr Mehta.