New ‘India-first’ approach pays off on world stage

17-Nov-2014 #Politics,#Economy & Trade Source: India Inc
by Manoj Ladwa Over the past week, Prime Minister Narendra Modi won two major diplomatic victories that have strengthened India’s voice in world affairs. First, the government of India clinched a major deal with the US on indefinitely extending the so-called “peace clause” in the World Trade Organization’s Trade Facilitation Agreement (TFA). Shorn of jargon, this means India’s humungous food procurement and subsidy programme, which may contravene current WTO-mandated limits, cannot be challenged in any fora till a conclusive deal on the subject is concluded on the issue. The TFA seeks to ease customs rules to boost global trade and add $1 trillion to the global economy. However, India had vetoed it on the grounds that the existing peace clause could expose India’s marginal farmers and 700 million poor to loss of livelihood and starvation.
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