• UGI USER
  • Mar 01, 2024
  • 20 Likes
  • 0 Comments

INDIA, SOUTH AFRICA BLOCK INVESTMENT DEAL AT WTO

Why in the news?

  • India and South Africa objected to including the China-inspired Investment Facilitation for Development (IFD) pact in the agenda of the 13th Ministerial Conference (MC13) of the World Trade Organization (WTO).
  • The IFD, backed by 123 countries, aims to facilitate investment for development, but it has not been ratified by all participating nations.

About the Debate on IFD:

  • India raised doubts about IFD’s classification as a trade agreement.
  • Concerns were expressed regarding its effectiveness in addressing developmental issues.
  • The block mirrors ongoing debates within the WTO on balancing investment facilitation with developmental goals.
About WTO?

●   The WTO is the primary global organization governing trade rules among nations.

●   It operates based on agreements negotiated and ratified by most trading nations.

●   With 164 members and 23 observer governments, it oversees international trade regulations and agreements.

●   The WTO’s 13th Ministerial Conference (MC13) convened from February 26 to 29, 2024, in Abu Dhabi, UAE, addressing global trade policies.