WTO approves package of trade deals, India secures victory, Goyal

The World Trade Organization's 164 members approved a series of trade agreements early on Friday that included commitments on fish and pledges on health and food security after more than five gruelling days of negotiations. Delegates cheered after they passed the package of six agreements just before dawn on Friday. Director-General Ngozi Okonjo-Iweala told them: "The package of agreements you have reached will make a difference to the lives of people around the world. The outcomes demonstrate that the WTO is in fact capable of responding to emergencies of our time."

*BREAKING*
WTO ministers reach historic agreements on response to food insecurity, @wfp food purchases exemption, WTO response to the pandemic, #TRIPS, #ecommerce moratorium, and #fisheriessubsidies. More info coming soon. #MC12 pic.twitter.com/2tCwPFynxk

— WTO (@wto) June 17, 2022

 At one stage, a series of demands from India, which sees itself as the champion of poor farmers and fishermen as well as developing countries, appeared set to paralyse talks but accommodations were found, trade sources said. Commerce and Industry minister Piyush Goyal  said India secures victory for the poor at WTO. India has emerged as a credible and strong voice for the developing & least developed countries, he tweeted.

India has emerged as a credible and strong voice for the developing & least developed countries with unprecedented outcomes at the MC12.

We have proven unequivocally our ability at constructing consensus for the larger good as a global leader.

— Piyush Goyal (@PiyushGoyal) June 17, 2022

The accord to curb fishing subsidies is only the second multilateral agreement setting new global trading rules struck in the WTO's 27-year history and is far more ambitious than the first, which was designed to cut red tape.The fishing subsidies deal has the potential to reverse collapsing fish stocks. Though pared back significantly, it still drew approval.