The Cabinet today approved the stand taken by India at the recently concluded WTO meeting in Bali which endorsed New Delhi's point of view with regard to food security plan and trade facilitation pact.
"The Union Cabinet today approved the stand taken by India at the Ninth Ministerial Conference of the WTO held in Bali," an official statement said.
At the Bali meeting, it was decided that the outgo towards farm subsidies in developing countries, including India, will not be challenged in the WTO until a permanent solution is reached on the issue.
During the conference, attended by Commerce and Industry Minister Anand Sharma, ministers of 159 countries agreed on a decision that provides for an interim period of protection to public stockholding programmes for food security in developing countries from being challenged in the WTO if they exceed the support limit.
It also provides that the WTO members must agree on a permanent solution on this issue for adoption by the 11th Ministerial Conference of the World Trade Organization.
Further, since most of India's demands and concerns were appropriately addressed in the Trade Facilitation Agreement, India endorsed the proposed pact, the statement said.
The agreement was aimed at reducing transaction cost for trade by simplifying customs procedures.
