India is concerned that the ministerial decision on public stockholding for food security purposes is getting sidelined
New Delhi: India has told the World Trade Organization (WTO) that it will not ratify the trade facilitation (TF) agreement for faster and more efficient customs procedures because there has been no progress on finding a permanent solution to the important issue of food subsidy caps, prompting developed nations to accuse India of reneging on a pledge it made last year.
The TF agreement, hammered out in Bali, Indonesia, in December 2013, is meant to be formally adopted by WTO members by 31 July and scheduled to come into force by 31 July 2015. TF is expected to help simplify customs procedures, facilitate the speedy release of goods from ports and cut transaction costs-measures that are believed to benefit rich nations more than developing countries such as India.
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