This means WTO members can now fast-track negotiations to reduce global tariffs on products as on semiconductors used for assembly of computers, laptops and tablets.
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On the agriculture draft provided to the Chair, the minister said that India has expressed its unhappiness about the language, particularly on the stockholding for food security purposes.
Dwelling on export competition, she said, it is one of the pillars of agriculture negotiations.
“We are optimistic that this council meeting is poised to impact local trade, strengthen multilateral trading system, and ensure that the less developed nations of the world are given a better deal by the removal of barriers which will foster a larger percentage of global trade”, she said. Sitharaman also stressed on the importance of Special Safeguard Mechanism (SSM) for farmers of developing countries including India and Brazil.
Industrialized economies would like to see the WTO tackle new issues related to globalization, such as rules for online trade, for foreign investment, or for the global value chain in which raw materials are processed into products in a series of countries.
The Nairobi conference is expected to attract more than 5,000 delegates from 163 WTO member states.
Brazil’s ambassador to the Group of 20 (G20) Carlos Bicalho Cozendey has said his country will ask developed countries not to raise agricultural subsidies due to the fall of prices for raw materials. However, the agreement was never expanded, despite substantial technological advances.
“Our countries engaged fully in the Doha negotiations in Geneva and with the close involvement of our capitals”, he said, adding, “we emphasised the principles of special and differential treatment and less than full reciprocity”.
‘They will only serve to facilitate the multinationals to continue dominating the fragile Kenyan market at the expense of local entrepreneurs, ‘ it said.
WTO deputy director David Shark was more upbeat, saying it was hoped that deals would be struck on agriculture, export subsidies and food security, and that there would be a debate on the nature of worldwide trade. “There are big forces at play, with countries like the U.S., the EU, Australia, New Zealand and others who are negotiating free-trade agreements, that may start functioning alongside the WTO soon”. He says developing countries have previously failed to take advantage of available opportunities such as the African Growth and Opportunity Act, because of misguided economic policies. This agreement represented a compromise deal created to improve customs procedures for goods exported from the world’s least-developed nations.
Earlier, Kenya’s Tourism Cabinet Secretary Najib Balala said he anticipated the event to inject about Sh2.
“I am particularly pleased that this decision was taken in Nairobi on African soil at the 10th Ministerial conference”.
The four-day conference was opened by Uhuru Kenyatta President of the Republic of Kenya with the participation of 162 Trade Ministers and members of the organisation along with representatives from Liberia and Afghanistan.
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It’s very unlikely that the Nairobi conference will pronounce it dead.
