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LATEST NEWS UPDATES | Farm policy will be in sync with global rules: India to WTO -Kirtika Suneja

Farm policy will be in sync with global rules: India to WTO -Kirtika Suneja

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published Published on Oct 7, 2018   modified Modified on Oct 7, 2018
-The Economic Times

NEW DELHI: India has informed the World Trade Organization (WTO) that its proposed national agriculture export policy would be consistent with global trade rules. In a meeting held last week to review farm policies of various countries, India’s proposed policy drew attention owing to concerns over its potential impact on global markets.

The policy aims to do away with restrictions such as minimum export prices or outright bans as it seeks to double India’s farm exports to more than $60 billion by 2022.

The European Union sought details on the type of instruments that would be used to reach this goal and how these measures would not increase trade distorting support to India’s farmers. The EU also asked India whether the targeted doubling concerned average farm income and whether the country intended to use ‘green box’ support to this end. Green box subsidies are non-distorting subsidies, permitted by the WTO.

India’s green box support declined to $18.3 billion in 2015-16 from $20.8 billion in 2014-15, as per the country’s latest submission to the WTO in May.

Of this, the amount spent on public stockholding for food security purposes (allocation for distribution and buffer stock) was $15.6 billion in 2015-16, down from $17.1 billion in the previous year.

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The Economic Times, 2 October, 2018, https://economictimes.indiatimes.com/news/economy/policy/farm-policy-will-be-in-sync-with-global-rules-india-to-wto/articleshow/66045465.cms


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