Roberto Azevêdo is going to push India on his maiden visit here as the World Trade Organizations (WTO’s) newly elected chief to come to an agreement on the much-awaited deal on trade facilitation, even as he meets top officials here next week.
Azevêdo, who is coming here on October 7, is also going to address Indian industry chambers such as Ficci and CII.
During his visit here he is going to make all efforts to convince the government to change its negotiating stance and come to a consensus on the trade facilitation agreement (TFA). Trade ministers from all member countries would sit for yet another round of formal negotiations during December 3-6 in Bali, Indonesia, officials who did not wish to be identified told Business Standard.
Recently, Azevêdo, who took over from Pascal Lamy on September 1, had told the trade negotiating committee at the WTO headquarters in Geneva that he intends to see work on the deal speeding up and that the agreements has the potential to provide a $1-trillion boost to global economy.
So far under the Doha round of global trade talks, which started in November 2001, TFA has emerged to be the only such deal where all the 159-member countries have shown some interest of a consensus.
The TFA aims to reduce red tape on international borders and enhancing customs cooperation leading to smoother flow of goods and significant reduction in the transaction cost of exporters.
However, India has said that the TFA is only one-sided and will increase the cost burden of developing countries. It has asked WTO to make changes on the proposed deal. But the industry is eager that India signs the deal.
Additionally, India along with other developing countries have said that they will not give their consensus on the deal until the developed countries, especially United States, agree to negotiate a proposal on food security that was floated by the G33 countries during the Bali meet, which seeks to make those food subsidies legal which are currently prohibited under global trading norms on agriculture.
