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The Twelfth Ministerial Conference (MC12) of the World Trade Organization (WTO) was a landmark event, marking the first Ministerial Conference held in nearly five years due to the COVID-19 pandemic. It brought together trade ministers and senior officials from all 164 WTO member countries to discuss and negotiate critical global trade issues. [1]
As of 2022, India has preferential access, economic cooperation and FTA with more than 50 individual countries. The negotiations for the Comprehensive Economic Partnership Agreement between India and the United Arab Emirates were completed in 88 days, which was the shortest time span for any free trade agreement signed by India.
The economists Harry Dexter White (left) and John Maynard Keynes (right) at the Bretton Woods Conference in New Hampshire [27]. The WTO precursor, General Agreement on Tariffs and Trade (GATT), was established by a multilateral treaty of 23 countries in 1947 after the end of World War II, in the wake of other new multilateral institutions dedicated to international economic cooperation—such ...
The ministerial conference was held in Cancún, Mexico, aiming at forging agreement on the Doha round.An alliance of 22 southern states, the G20 (led by India, China [2] and Brazil), resisted demands from the North for agreements on the so-called "Singapore issues" and called for an end to agricultural subsidies within the EU and the US.
This is because the neoliberal reforms demanded by the WTO have destroyed guaranteed prices and state-sponsored extension services, and governments of the Global South have had to dismantle programs for food security and rural assistance in favor of those that would help them meet WTO mandates, often at “significant political costs.” [27 ...
India's foreign ministry said in a statement that both ministers agreed on the need to work with "purpose and urgency to achieve complete disengagement at the earliest".
India and China's hard stance regarding tariffs and subsidies was severely criticized by the United States. [37] In response, India's Commerce Minister said "I'm not risking the livelihood of millions of farmers." [38] The negotiations collapsed on 29 July over issues of agricultural trade between the United States, India, and China. [39]
[note 1] [1] The Ministry of External Affairs (MEA) is the government agency responsible for the conduct of foreign relations of India. With the world's third largest military expenditure , second largest armed force , fifth largest economy by GDP nominal rates and third largest economy in terms of purchasing power parity, India is a prominent ...