<p>In a major victory for India, the WTO on Friday agreed to allow countries to provide subsidy on staple food crops without any threat of punitive action, a concession that salvaged the current round of world trade talks from the brink of collapse.<br /><br /></p>.<p>After burning the midnight oil and tough negotiations over the past four days in the face of India’s unrelenting stand on the food security issue, the 159-member World Trade Organization (WTO) reached a historic agreement that will boost global trade by $1 trillion.<br /><br />The deal allows nations such as India to fix a Minimum Support Price (MSP) for farm produce and to sell staple grains to the poor at subsidised rates. It also permits countries to store foodgrains to meet contingency requirements.<br /><br />“A great day for India, I am more than happy...India has clinched WTO deal for the farmers and poor of the world,” Commerce and Industry Minister Anand Sharma told PTI after the final round of negotiations. <br /><br />The draft agreement, which will protect the right to food and allow India to go ahead with its $20 billion food security scheme, is expected to be adopted by the plenary later in the day.<br /><br />“It’s a victory for Indian farmers and farmers of the developing world. It is also recognition of the right of developing nations for public stock-holding of food grains to ensure food security for their citizens,” Sharma said.<br /><br />The agreement will come as booster for the WTO, which until yesterday had failed to make headway with regard to the Doha round of trade talks, pending since 2001.<br /><br />Sources said the resolute fight put up by Sharma helped in clinching the deal in favour of the poor and subsistence farmers of the developing world.<br /><br />According to the proposal, all schemes providing support in relation to procurement for public stock-holding programmes for staple food crops will be protected from WTO litigation.</p>
<p>In a major victory for India, the WTO on Friday agreed to allow countries to provide subsidy on staple food crops without any threat of punitive action, a concession that salvaged the current round of world trade talks from the brink of collapse.<br /><br /></p>.<p>After burning the midnight oil and tough negotiations over the past four days in the face of India’s unrelenting stand on the food security issue, the 159-member World Trade Organization (WTO) reached a historic agreement that will boost global trade by $1 trillion.<br /><br />The deal allows nations such as India to fix a Minimum Support Price (MSP) for farm produce and to sell staple grains to the poor at subsidised rates. It also permits countries to store foodgrains to meet contingency requirements.<br /><br />“A great day for India, I am more than happy...India has clinched WTO deal for the farmers and poor of the world,” Commerce and Industry Minister Anand Sharma told PTI after the final round of negotiations. <br /><br />The draft agreement, which will protect the right to food and allow India to go ahead with its $20 billion food security scheme, is expected to be adopted by the plenary later in the day.<br /><br />“It’s a victory for Indian farmers and farmers of the developing world. It is also recognition of the right of developing nations for public stock-holding of food grains to ensure food security for their citizens,” Sharma said.<br /><br />The agreement will come as booster for the WTO, which until yesterday had failed to make headway with regard to the Doha round of trade talks, pending since 2001.<br /><br />Sources said the resolute fight put up by Sharma helped in clinching the deal in favour of the poor and subsistence farmers of the developing world.<br /><br />According to the proposal, all schemes providing support in relation to procurement for public stock-holding programmes for staple food crops will be protected from WTO litigation.</p>