WTO Bali Agreement & Food Security Programs
The question concerns the specific provisions related to food security programs for developing countries, including India, as agreed upon during the WTO's Bali Ministerial Conference.
Key Provisions Explained
The Bali Ministerial Conference addressed concerns about food security programs, particularly public stockholding for food security purposes. Developing countries, worried about potential violations of existing WTO rules regarding trade-distorting subsidies, sought assurances.
The agreement reached in Bali established a temporary solution. It allows these countries to continue or launch food security programs, such as food grain stockpiling for distribution to the poor.
Crucially, the continuation of these programs is not indefinite. They are permitted only until a more permanent solution or an 'alternative mechanism' that complies with WTO regulations is formally agreed upon and implemented.
Therefore, the food security programmes can be launched or continued till an alternative mechanism is developed, ensuring compliance with global trade rules while addressing domestic food security needs.
Important Questions from International Economic Organisations & India
- Which International Organisation replaced the General Agreement on Tariffs and Trade (GATT) in 1995, acting as a key driver for globalization?
- Which of the following most suitably captures the meaning and essence of 'globalization'?
1. It is about conducting external relations between two or more States of the world
2. It is a process of coming together of world-wide social relations bypassing territories
3. It refers to thinking transterritorially about global risks affecting people
4. It has a wishful vision of suprastate governance
Select the correct answer using the code given below : The basic foundation of global economic governance in the post second World War was laid by various institutional frameworks. Which of the following combinations is correct?
a) IMF, World Bank, GATT
b) IMF, World Bank, Asian Development Bank
c) World Bank, GATT, BRICS
d) Asian Development Bank, IMF, IBRD
Options:
With reference to the World Trade Organisation (WTO), consider the following statements :
I. Its headquarters are located in Geneva, Switzerland.
II. As of December 2024, it has 166 member countries.
III. India is a founding member of the organisation.
IV. It was established in 1945 along with the United Nations system.
Which of the statements given above are correct?
- The Union Cabinet had approved a new Framework on Currency Swap Arrangement with which regional bloc for the period 2024-2027?
