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India, 46 others seek higher production of food & price stability.
Jun 16, 2022

India, along with 46 developing and least-developed countries, has pushed for enhancing production and maintaining the price stability of food with least distortion to global markets, as the 164 members of the World Trade Organization on Tuesday entered the penultimate day of intense negotiations to reach an outcome.
 
The countries, as part of the G33, also insisted that it was important to maintain an 'open and predictable agricultural trade to ensure the continued flow of food, and agricultural products'.
 
They have sought expeditious resolution of a permanent solution on public stockholding for food security purposes and a special safeguard mechanism to buffer them against sudden price declines or against major import surges.
 
'We reaffirm the urgency and importance of maintaining an open and predictable agricultural trade to ensure the continued flow of food, and agricultural products, as well as inputs critical for food and agricultural production and supply chains,' the grouping said in its ministerial declaration.
 
'Global food prices are rising and there is a need to ensure public stockholding of food for all while retaining flexibility and policy space,' said an official.
 
The G33, African Group and the ACP (African, Caribbean and Pacific) group have already submitted a joint proposal to the WTO in which they said a permanent solution for public stockholding should account for inflation and also be based on a recent reference price instead of an old one which is based on 1986-88 prices.
 
They have suggested a new methodology to calculate the subsidies by either accounting for 'excessive inflation' in the External Reference Price (ERP) or calculating the ERP based on the last five years' prices excluding the highest and the lowest entry for that product. ERP is the average price based on the base years 1986-88 and has not been revised for decades.
 
The official said negotiations were expected to go on till the wee hours in Geneva to get to a solution as developed countries were now pushing for new work programmes on the entire agriculture agenda.
 
The G33 emphasised that a 'universal, rules-based, open, non-discriminatory, equitable, and WTO-centred multilateral trading system is vital for global agricultural trade' and will continue to promote it.
 
    
economictimes.indiatimes.com

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