World News | Permanent Solution on Public Stockholding for Food Security Purposes Long-pending Issue for Global South: Piyush Goyal at WTO Meeting

Yaounde [Cameroon], March 26 (ANI): Noting that agriculture is critical to the livelihoods of millions and Permanent Solution on Public Stockholding for food security purposes and Special Safeguard Mechanism and Cotton are long-pending mandated issues for the Global South, Union Commerce and Industry Minister Piyush Goyal has said that there is a need to deliver on them on priority.

Addressing the 14th WTO Ministerial Conference, Piyush Goyal said India remains committed to negotiating a comprehensive Fisheries Subsidies Agreement that balances current and future fishing needs, protects the livelihoods of poor fishers, with appropriate and effective S&DT.

Also Read | Tokyo Knife Attack: Female Pokemon Store Employee Stabbed to Death in Japan, Attacker Later Dies by Suicide.

Goyal said the necessary reform of the WTO should be carried out through a transparent, inclusive and Member-driven process, keeping development at its core, upholding the foundational principles and objectives of the Organisation, mainly non-discrimination, consensus-based decision making and equity. S&DT should be precise, effective and operational.

"The past mandates should be delivered on priority. A dysfunctional Dispute Settlement System has deprived Members from effective redressal. We must restore the automatic and binding dispute settlement system," he said.

Also Read | Donald Trump Again Claims Credit for India-Pakistan Ceasefire, Says He Solved Conflicts That Had Been Going on for Decades.

Goyal said the incorporation of plurilateral outcomes into the WTO framework should be based on consensus and not impair existing rights of non-parties or cast additional obligations on them.

"Agriculture is critical to the livelihoods of millions. For Global South, Permanent Solution on Public Stockholding for food security purposes, Special Safeguard Mechanism and Cotton are long-pending mandated issues; we must deliver on them on priority," he said.

"In the absence of a common understanding among Members on the scope of the moratorium on customs duties on electronic transmissions and given its potentially significant implications, the continued extension of this moratorium warrants careful reconsideration," he added.

Goyal said India believes that emerging technologies must serve Sarvajan Hitaya, Sarvajan Sukhaya--welfare for all and happiness of all, guided by Prime Minister Narendra Modi at the recent Global AI Impact Summit.

He said the multilateral trading system must also ensure that innovation, development and opportunity are shared equitably among members.

"Finally, we will engage constructively to show that WTO remains central to global trade and strive to Reform it to remain responsive, Perform in delivering on development, equity, and inclusiveness, and Transform to better serve the interests of the poor, vulnerable, and marginalized people, anchored in consensus and multilateralism," he said.

Goyal is leading the Indian delegation at the WTO meet.

The 14th Ministerial Conference (MC14) of the World Trade Organization (WTO) is being held from March 26-29 in Yaounde, Cameroon. The Conference, being chaired by Minister of Trade of Cameroon, Luc Magloire Mbarga Atangana, has brought together Trade Ministers from WTO member countries to deliberate on key issues affecting the global trading system. (ANI)

(The above story is verified and authored by ANI staff, ANI is South Asia's leading multimedia news agency with over 100 bureaus in India, South Asia and across the globe. ANI brings the latest news on Politics and Current Affairs in India & around the World, Sports, Health, Fitness, Entertainment, & News. The views appearing in the above post do not reflect the opinions of LatestLY)