WTO Failure To Cost Global Economy $820 Billion

"After many years, we have an agreement with in the WTO. It has an impact on confidence in terms of the strength of the global institutions being able to deliver outcomes...India is committed to looking at measures which can facilitate trade... we have see what happens over the next few months," Smith said.

She said that there is a positive relationship between growth and poverty reduction.

Enhanced trade and investments global would help in reducing poverty and creating employment, she added.

India had decided not to ratify WTO's TFA, which is dear to the developed world, without any concrete movement in finding a permanent solution to its public food stock-holding issue for food security purposes.

It has asked WTO to amend the norms for calculating agri subsidies in order to procure food grains from farmers at minimum support price and sell that to poor at cheaper rates without attracting any penalty in the WTO.

The current WTO norms limit the value of food subsidies at 10 per cent of the total value of food grain production. However, the support is calculated at the prices that are over two decades old.

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