India stands ground on food security at global finance ministers' conclave | business | Hindustan Times
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India stands ground on food security at global finance ministers' conclave

India stood its ground and drew a hard bargain at a global finance ministers' conclave, successfully convincing other countries on why New Delhi chose to block the so-called Trade Facilitation Agreement (TFA) if it did not come bundled with a roadmap on food subsidies.

business Updated: Sep 13, 2014 01:35 IST
HT Correspondent

India stood its ground and drew a hard bargain at a global finance ministers' conclave, successfully convincing other countries on why New Delhi chose to block the so-called Trade Facilitation Agreement (TFA) if it did not come bundled with a roadmap on food subsidies.

In July, the WTO failed to roll out a global agreement to ease customs rules or the TFA as India said it would not sign the treaty unless concerns on food subsidies were addressed.

"The issue of implementation of TFA in WTO and India's perspective on it was well presented," a finance ministry statement said on Friday after the eleventh meeting of finance ministers of Asia and Europe (ASEM).

India successfully blocked an attempt by developed countries to include concern on TFA's non-implementation without mentioning India's food security concerns in the ASEM's draft communique.

Finance secretary Arvind Mayaram got the support of countries such as Pakistan, Bangladesh and Russia have supported India's standpoint.

The communique also refers to BRICS and the disappointment over poor progress of IMF reforms.