WTO’s Agreement on Agriculture pact 

WTO’s Agreement on Agriculture pact 

Part of: Prelims and GS III – Economy

Context G-33 Virtual Informal Ministerial Meeting was recently held. 

• In the meeting, the Indian commerce and industry ministry has recently pointed out that the agreement on Agriculture at the World trade organisation (WTO) is riddled with deep imbalances, which favour the developed countries and have tilted the rules against many developing countries.

What is G-33?

• The G33 (or the Friends of Special Products in agriculture) is a coalition of developing countries.
• It was established prior to the 2003 Cancun ministerial conference.
• The group has coordinated during the Doha Round of WTO negotiations, specifically in regard to agriculture.
• Dominated by India, the group seeks to limit the degree of market opening required of developing countries, especially with regard to agriculture.
• There are currently 47 member nations.

What is Agreement on Agriculture?

• The Agreement on Agriculture (AoA) is an international treaty of the World Trade Organization. 
• It was negotiated during the Uruguay Round of the General Agreement on Tariffs and Trade, and entered into force with the establishment of the WTO on January 1, 1995.
• The Agreement has been criticised by civil society groups for reducing tariff protections for small farmers, a key source of income in developing countries, while simultaneously allowing rich countries to continue subsidizing agriculture at home.

News source: TH