Recently, while addressing the G-33 Virtual Informal Ministerial Meeting, India’s Commerce and Industry Minister pointed out the imbalances in the Agreement on Agriculture at the World Trade Organization (WTO).
G-33 is a forum of 47 developing and least developed countries formed during the Cancun ministerial conference of the WTO, to protect the interest of the developing countries in agricultural trade negotiations.
With reference to WTO Agreement on Agriculture, consider the following statements:
It provides country-specific commitments to reduce support and protection in the areas of domestic support, export subsidies and market access.
Presently, only the ‘Amber Box’ subsidies are subject to limits.
India is a member of G-33, a forum of 47 developing and least developed countries to protect the interest of the developing countries in agricultural trade negotiations.
Which of the above statements are correct?
Correct Option: D
All statements are correct
The WTO Agreement on Agriculture is skewed towards the interests of developed economies. Evaluate. (150 Words)
Introduce by giving a brief description of WTO.
Briefly enumerate the characteristics of WTO Agreement on Agriculture.
Enumerate how the Agreement favours developed countries