India and the US have resolved differences on the issue of public stockholding for food security , paving the way for revival of stalled global trade talks and implementation of a pact for easier customs rules.
Commerce & industry minister Nirmala Sitharaman told:We are extremely happy that India and the US have successfully resolved their differences relating to the issue of public stockholding for food security purposes in the WTO in a manner that address our concerns,“
Details of the deal were not disclosed.
The bilateral deal makes clear that a mechanism under which WTO members will not challenge such food security programmes under WTO dispute settlement procedures will remain until a permanent solution has been agreed and adopted.
Earlier, the “peace clause”, which would have prevented action at the WTO, was to be in place for four years, raising fears that developed countries would walk away with the trade facilitation pact without addressing India’s concerns.
The deal between India and the US on food security will come as a major boost for the Narendra Modi government as the Bali agreement was one of the first issues red-flagged by it after assuming charge.