India Saves The WTO Meeting & Persuades Developed Countries
India dominated at the WTO meeting. Despite opposition by several countries, India cleared the way to provide vaccines to poor countries at affordable rates.
Several decisions were finally made together in a ministerial session of the World Trade Organization (WTO) after 9 years.
This preserved the worldwide organization’s reputation and opened the door for the economical distribution of vaccinations to underdeveloped nations in order to combat the pandemic.
India and South Africa have been supporting it at the WTO for the past 1.5 years. If there hadn’t been an agreement, the concerns about the WTO’s legitimacy would have grown.
The judgments made have shown that multi tradealism needs laws and regulations and that all nations support it.
The judgments made about fisheries will also deter nations like China from engaging in illicit fishing in other countries’ waterways.
The subsidies provided to Indian fishermen would likewise continue in the same manner.
No big decisions were anticipated until last Wednesday in the meeting that began last Sunday. But due to India’s tireless efforts, the mood had begun to change and 164 member countries had signed the accord on Thursday evening.
India ultimately succeeded in saving the WTO through their efforts. Because abruptly, on Thursday night at 12 am (IST), Britain and Switzerland stopped the exemption of the vaccine’s patent.
The proposed fisheries agreement was not well received by several nations. The delegation led by Commerce and Industry Minister Piyush Goyal attended the UK at the same time and began negotiations with all the nations, including America, in the conference’s green room.
As a consequence, four agreements were reached in the morning, according to Geneva time, with Britain prepared at three in the morning.
In reality, Switzerland shared the same concerns as Britain about the possibility of future pressure to exclude other treatments from patent protection.
It’s interesting that Switzerland was objecting despite not producing the vaccine and not needing much of it.
But finally India saved WTO’s reputation & persuaded all those developed countries who were opposed to providing vaccines to poor countries at the affordable rates.
Now it has been declared & signed the WTO agreement, now onwards no country will be allowed or able to disturb the supply chain in a scenario like the corona pandemic in the future.