Protect national priorities,seal win-win outcome: FICCI on WTO

Industry body Ficci today said it expects the government to craft a "win-win" solution at the WTO which not only safeguards national interests but also ensures job creation benefits from a more efficient global trade integration.
Highlighting that ensuring food security for its people is of "paramount and strategic importance" for any country, Ficci President Sidharth Birla said: "While pursuing this objective of safeguarding national interests in WTO negotiations, we are also faced with the need to bring to our society fundamental economic and job creation benefits from a more efficient global trade integration".
"We, therefore, earnestly look forward to a solution which can ensure our national priorities and craft a win-win economic outcome," Birla added.

In a strong message to the WTO, India said last week it will not ratify the trade facilitation pact until a permanent solution is found on food security and other issues of poor nations impacting livelihood of millions.
Amendment to World Trade Organisation (WTO) norms regarding stockpile of foodgrains is critical for India for implementation of its food security programme.
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-decade old and not at current prices.

India is asking for a change in the base year (1986) for calculating the food subsidies. The US gives about USD 120 billion as agriculture subsidy as compared to India's USD 12 billion.
The final protocol for the trade facilitation agreement, which is dear to the developed world, including the US and Australia, was concluded by the WTO members, but no single meeting has happened on India's food security related issues.