Meanwhile, FM Jaitley discusses WTO impasse with John Kerry
1 Aug 2014 12:34 AM GMT
US Secretary of State John Kerry on Thursday met Indian Finance Minister Arun Jaitley and discussed India’s stance on the ongoing WTO’s Trade Facilitation Agreement talks which are set to conclude at Geneva later in the day.
‘We had a good discussion. India is a big market. We also had discussion on issues related to WTO,’ an official privy to the meeting said. India has been maintaining that it will not ratify the TFA, which is dear to the developed world, until a permanent solution is found on the issue of public stock holding for food security purposes. TFA, which aims at simplifying customs procedure, increasing transparency and reducing transactions cost, is being pushed by the US and others as they seek to bolster their sagging economies through an unhindered international trade by way of a uniform and easy procedures at customs.
‘We had a good discussion. India is a big market. We also had discussion on issues related to WTO,’ an official privy to the meeting said. India has been maintaining that it will not ratify the TFA, which is dear to the developed world, until a permanent solution is found on the issue of public stock holding for food security purposes. TFA, which aims at simplifying customs procedure, increasing transparency and reducing transactions cost, is being pushed by the US and others as they seek to bolster their sagging economies through an unhindered international trade by way of a uniform and easy procedures at customs.
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