India Can Help Find Solution To Food Security Issue: WTO

The agreement on extension of ‘peace clause’ till perpetuity ensures the interest of the WTO membership in expeditiously working towards a permanent solution. This would protect developing countries including India from the risk of having to accept an unsuitable solution under the threat of a limited duration peace clause coming to an end, he added.

Under the peace clause, a WTO member gets immunity against penalty for breaching the food subsidy cap. As per the WTO norms, a developing nation can provide food subsidy of up to 10 per cent of the total farm output value.

“In November, the impasse was finally resolved. And I want to acknowledge the role that India played in this – and particularly thank Minister Sitharaman and Prime Minister Narendra Modi for showing the leadership which made this possible,” he added.

On TFA, Azevedo said that member countries are in the process of ratifying the pact. “It is estimated that the Agreement will reduce trade costs by up to 15 per cent in developing countries. And I think you are likely to see benefits in a number of ways, including from the boost that it will bring to south-south trade,” Azevedo added.

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