The Bali package (2013) had 10 agreements that can come down to three heads: TFA, agriculture (food security) and least developed countries (LDCs). While the attention of industrialized countries was drawn to the TFA, India feared moving forward without finding a lasting solution to the issue of food security. India insisted that the TFA would not agree if the entire Bali package, which allows developing countries to buy food from farmers for their food security needs, was at the same time consolidated. What is the Trade Facilitation Agreement (TFA)? The Trade Facilitation Agreement (TFA) was one of ten agreements in the agreement reached by WTO members (including India) at the Bali ministerial meetings in December 2013. The TFA is trying to speed up world trade by reforming customs procedures and reducing bureaucracy. Net Paper 2: IR Bilateral, regional and global groupings and agreements in which India participates and/or harm India`s interests, Yes, India has secured its current position, but for better reasons. The TFA is most likely to help developed countries, although it is better designed to help developing and underdeveloped countries. If the main objective was to improve developing and underdeveloped countries, the focus should be on the adoption of agreements on other aspects related to agriculture (food security) and LDCs. India seems to have withdrawn for better bargaining power. If India had signed the TFA agreement, there could be no urgency to find a sustainable food security solution. The current peace clause will expire in 2017 and the new conditions could be unfavourable to India.
After senbed food security with the TFA, India now asserts that the Bali package can only be coordinated at the same time. Let`s wait and see how things evolve in the future. While GATT focused on trade in goods, the WTO and its agreements could encompass not only goods, but also trade in services and other intellectual property rights such as commercial creations, designs and inventions. As was pointed out at the beginning, India is not against the TFA. Modi`s new government had another concern with another agreement. This was due to some “disagreements” over the next agreement that withdrew India. Our problem was food security, that is, the ministerial decision on public storage for food security purposes. The many WTO agreements have many effects on the Indian economy.
They are discussed below: there are more than 60 WTO-controlled agreements. Any country with access to the WTO must sign and ratify all WTO agreements. So far, we have discussed the main gaTT provisions, which relate to trade in goods in general. In this section, we discuss the other major agreements as follows: the World Trade Organization (WTO) is the only international organization to deal with the rules of trade between nations. The focus is on WTO agreements, which have been negotiated and signed by most countries in the world and ratified by their parliaments. UPSC aspirants preparing for the IAS audit should be informed of this issue. We can look at the WTO in different ways. As it happens, the WTO is an organization responsible for trade liberalization.
It is a forum to negotiate trade agreements for different governments.