Notwithstanding the failure of WTO members to reach a consensus on Trade Facilitation Agreement to simplify global customs rules, India on Friday said it remains committed to the pact and will continue to pursue its proposal to find a permanent solution to its food security issues.
For the first time in the last eight years, India would not have any representative for the post of deputy director general.
2016 will be the first time in 15 years that the ratio between trade growth and world GDP will fall below 1:1
According to the final draft of the negotiating texts, seen by Business Standard, there are a few binding commitments in the chapter on TFA, under Article 13, which talks of Customs cooperation.
India is in no danger of crossing the 10 per cent threshold of food subsidies under the WTO's agreement on agriculture and it will not breach the level in the near future.
In a turn of events, India on Friday said it was "hopeful" talks for a global deal on easing Customs norms, or a trade facilitation agreement (TFA), would be revived in September, even as it failed to meet the July 31 deadline due to lack of consensus among members over food stockholding and farm subsidies.
As hard bargains continue for the next four days at the picturesque tourist resort of Indonesia, the ministers., including from the influential developed countries will try and reach agreements on providing windows to the developing nations for their food security programmes and a pact to free the global trade from the procedural hassles at the customs.
India has been opposing the pact as ITA will only benefit the country when its domestic manufacturing is robust.
Critics have even suggested that India is doing this because it is not prepared to take on the requirements of TFA, with a relatively weak trade infrastructure.
Refusing to budge from its tough stand on food security issues, India pressed for a fair and balanced outcome of the WTO ministerial meeting in Bali.
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