GS Paper 3
Syllabus: Effects of liberalisation on the economy (post-1991 changes), changes in industrial policy and their effects on industrial growth.
This is in continuation of the article published in Current Affairs on 18th June 2022
Important Deals struck:
- Fisheries: Countries agreed to check on illegal unreported and unregulated (IUU) fishing, and overfishing; no subsidies for fishing in areas outside of RFMOs (regional fisheries management organizations) and Exclusive Economic Zone (EEZ); and strict control on overfished areas.
- India’s demand for curb on non-specific fuel subsidies for fisheries was not accepted.
- The pact says that members will need to come out with comprehensive disciplines within the next four years, or see the current agreement terminated.
- Food security: member countries would not impose export prohibitions or restrictions on foodstuffs purchased for humanitarian purposes of the WFP. (except for ensuring domestic food security)
- However, negotiators could not reach agreements on issues such as permissible public stockholding threshold for domestic food security, domestic support to agriculture, cotton, and market access.
- E-commerce mortorium: WTO extended moratorium ( moratorium means a temporary prohibition) on imposing customs duties on electronic transmission.
- This moratorium has been in place since 1998 and developing countries have been losing revenue because of it. India had opposed any further extension.
- WTO reforms: Dispute settlement Body (DSB) will be revived. Also, focus area for WTO will be -Gender, Enviroment and MSME
- IP on Covid vaccines: Countries have been allowed to produce vaccines patented elsewhere, without any consent and limit on their export.
- Previously, TRIPS Patent rules (during the 1986-94 Uruguay round) shifted the focus from ‘process patent’ to ‘product patent’ after including intellectual property rights in the rules of trade.