India on February 27 opposed a China-led proposal seeking investment facilitation at the WTO, where over 120 countries are pushing for Investment Facilitation for Development Agreement (IFD) to become part of the multilateral trade body.
While the China-led group of countries wants the issue to be taken up at the current WTO Ministerial Conference (MC-13) in Abu Dhabi, India has termed it a non-trade issue that doesn't fall within the framework of the multilateral trade body.
The China-led group of countries want to bring the proposal for IFD through Annexure-4 of the World Trade Organization (WTO), which will make the proposal binding on the members who sign it. However, India has objected to the Joint Statement Initiative (JSI), pointing out that investment-related issues can't be brought under the WTO ambit.
Terming the proposal as a vested interest of the "Belt-and-Road initiative" countries, India has maintained that when long-standing mandates of the WTO like the public stockholding programme are yet to be implemented, other countries should be given some time to reflect on any fresh proposals.
On the e-commerce moratorium, Indian government sources have indicated their opposition to any further extension beyond 31st March 2024. India and several other developing nations have repeatedly asked for termination of the moratorium on customs duties on electronic transmissions, which is in place since 1998. However, developed nations are pushing for permanent adoption of a duty-free flow of digital transmission.
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