China-backed India at a recent WTO agriculture conference on the wheat export ban.
China publicly backed India at a recent WTO agriculture conference, as affluent nations slammed New Delhi again for its wheat export prohibition. ‘China’s representative said that targeting India was inappropriate, especially given that the purpose of New Delhi’s wheat export regulation was also to ensure that it could continue to supply countries and neighbors with which it had signed agreements,’ a Geneva-based trade official told BusinessLine.
Beijing chastised nations such as the United Kingdom, which indicated again this week at the WTO Committee on Agriculture meeting that the wheat export embargo was the primary reason for the worldwide price surge. ‘China chastised countries for doing little to combat global market speculation and instead blamed countries like India,’ the person added.
Following worries that the wheat harvest might be harmed by an unseasonal heat wave, India imposed a restriction on wheat exports to calm increasing domestic prices and assure enough supply in the nation.
Members such as the United States, the European Union, Japan, Paraguay, and Brazil have previously stated that global wheat prices rose by 6% on the first day of trade on the Chicago Board of Trade wheat futures following India’s declaration of a wheat export prohibition on May 13.
India contended that it was not a large wheat exporter and that the embargo had no substantial impact on world prices. Also Read | GSP to invest ₹500cr to increase production capacity to reduce reliance on China.
Expressing disappointment that the previous WTO Ministerial Conference failed to produce anything on agricultural liberalization, the United States, Australia, and Japan supported the notion of a retreat in September to give the elections a fresh start.
According to the source, India warned against trashing the Ministerial and Bali requirements on public stockholding and a unique safety mechanism for poor countries. India said it would be a step back if members spoke about building on previous efforts while throwing the mandates of the Bali and Nairobi ministerial resolutions out the window.
‘India stated that certain moral lecturing nations should cease hunting for scapegoats for the failure of discussions.’ It stated that emerging nations had learned enough to preserve their own interests and could see through sermons with hidden agendas that were destructive to their interests,’ the insider stated.