New Delhi: The Federation of Indian Chambers of Commerce and Industry (FICCI) Sunday urged all the members of WTO to find a solution to the impasse following India's call Friday for postponing adoption of the TF (trade facilitation) Protocol.
"FICCI has urged all the members of WTO to collectively work for finding a solution to the present impasse," the industry chamber said in a statement here.
"There is a need for adequate flexibility for developing countries like India in building public stocks for food security purposes and to prevent volatility in food price,” said FICCI president Sidharth Birla.
Diplomats from the 160 World Trade Organization member countries have been meeting in Geneva ahead of the July 31 deadline for ratification of the TFA protocol.
India called for a halt to the trade facilitation timetable until the end of the year and said a permanent WTO deal on food stockpiling must be in place at the same time.
India has strongly opposed the process of implementing the WTO's Bali agreements which include TFA, permanent solution on India's public stock holding of foodgrains for its food security programme and issues related to least developed countries (LDCs).
“We think it is important to have satisfactory progress in all areas of the Bali-decision, including public stockholding," FICCI said.
"At the same time, the significance of a deal on trade facilitation is well-recognized and we do not want to miss the opportunity to have an agreement that could lead to substantial reduction in cost of doing business," it added.
Latest Business News
