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BALI WTO

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What was the central argument of Bali Package?

The most significant part of the Bali Package is the Draft Ministerial Decision on trade facilitation as a multilateral commitment to simplify customs procedures by reducing costs and improving speed and efficiency.[1]

Why is the TFA critical to world trade?

The WTO estimates that the full implementation of the TFA could boost global merchandise exports by up to $1 trillion, with up to $730 billion accruing to developing countries, and reduce trade costs by an average of over 14 percent (nearly 17 percent for least-developed countries).[2]

On which of the following agreement India vetoed in WTO Bali round?

The latest developments places the Bali package in limbo In yet another bid to push forward its demand in World Trade Organization’s (WTO) food stockholding programme, India on Friday refused to ratify the trade facilitation agreement (TFA) that was discussed during the ninth ministerial meeting in Bali, Indonesia.[3]

Where was the 11th Ministerial Conference of WTO held?

At the 11th WTO Ministerial Conference (MC11), held in Buenos Aires on 10-13 December 2017, ministers adopted decisions on fisheries subsidies, e-commerce, small economies and intellectual property and established a working party on the accession of South Sudan.[4]

Why does Bali Package of WTO considered as one of the most important agreements?

13The Trade Facilitation (TF) agreement reached in Bali constitutes without doubt the main outcome of MC9 (WTO, 2013b). It will reduce the cost of trading, smooth customs procedures, reduce red tape, and enhance efficiency and transparency.[5]

What is the Nairobi package?

The “Nairobi Package” was adopted at the WTO’s Tenth Ministerial Conference, held in Nairobi, Kenya, from 15 to 19 December 2015. It contains a series of six Ministerial Decisions on agriculture, cotton and issues related to least-developed countries (LDCs).[6]

How many countries have ratified the WTO TFA?

Let us explore this topic using the WTO TFA Database, which encompasses data from 84 developing countries and 27 LDCs that have ratified the Agreement as of 20 February 2020. 149 WTO Members have already ratified the TFA.[7]

What are the four pillars of trade facilitation?

Trade facilitation eases the cross-border movement of goods by cutting costs and simplifying trade procedures (OECD, 2005). It rests on four core pillars: (i) transparency; (ii) simplification; (iii) harmonization; and (iv) standardization.[8]

Is India ratified TFA?

India ratified the TFA on April 22, 2016.[9]

Why did Doha Round fail Upsc?

Doha Round negotiations have been stalled as the participating countries could not reach a consensus over trade negotiations with major differences between developed and developing countries.[10]

What is Doha Declaration on Trips and public health?

The Doha Declaration on the TRIPS Agreement and Public Health was adopted by the WTO Ministerial Conference of 2001 in Doha on November 14, 2001. It reaffirmed flexibility of TRIPS member states in circumventing patent rights for better access to essential medicines.[11]

What is WTO Upsc?

The World Trade Organization (WTO) is the only global international organization dealing with the rules of trade between nations. Its main functions are to maintain smooth trade globally and resolve issues or disputes that can affect world trade.[12]