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US, INDIA REACH AGREEMENT ON STOCKPILING OF FOOD

Published by Gbaf News

Posted on November 14, 2014

1 min read
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Global trade agriculture Food Security

US and India Reach Food Stockpiling Deal

WASHINGTON (AP) — The United States and India have reached agreement on public stockpiling of food.

Agreement to Advance Global Trade Pact

The White House says the agreement announced Thursday in New Delhi will pave the way toward immediate implementation of a global agreement that’s designed to ease trade by lowering costs for both developed and developing countries. White House officials say the Trade Facilitation Agreement had been stalled for months because of objections by a group of countries, led by India.

WTO Involvement in Reviewing Agreement

Details of the agreement will now be reviewed by the general council of the World Trade Organization.

Announcement Coincides With Obama Asia Tour

The White House announced the breakthrough as President Barack Obama visited Myanmar, the second stop on a three-country tour of the Asia-Pacific region.

Key Takeaways

  • The US and India agreed on public stockpiling of food, resolving a key sticking point in WTO negotiations.
  • The breakthrough paves the way for implementation of the global Trade Facilitation Agreement, stalled by India’s earlier objections.
  • The WTO General Council will review the bilateral agreement, enabling broader global trade liberalisation under the Bali Package.

References

Frequently Asked Questions

What was the agreement about?
The agreement centered on public stockpiling of food, which resolved a WTO impasse and enabled progress on implementing the Trade Facilitation Agreement.
What is the Trade Facilitation Agreement?
It’s a multilateral WTO agreement aimed at simplifying cross-border trade via reducing red tape and customs costs.
Why was India objecting initially?
India objected due to concerns over safeguarding its public food stockholding programs vital for food security, which risked challenge under WTO rules.
What happens next?
The bilateral understanding will be reviewed by the WTO General Council, which could greenlight implementation of the broader Trade Facilitation Agreement.

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