The ongoing World Trade Organisation’s Ministerial Conference-13 in Abu Dhabi is introducing new disciplines on services' domestic regulation, potentially slashing global trade costs by over $125 billion, Indian government sources informed CNBC-TV18 on February 29.
The ministerial achieved five key outcomes, including the addition of Comoros and Timor-Leste as new member countries and the extension of Least Developed Countries (LDC) benefits for at least three years after graduation to developing countries.
Sources also revealed that the European Union aimed to link agricultural talks with environmental sustainability and financial inclusion, a move opposed by India and other developing nations.
Also Read: India says moratorium on electronic transmissions should end to hasten digital revolution
Additionally, India's proposal to reduce remittance costs garnered support from South Asian neighbours Bangladesh, Nepal, and Sri Lanka but faced opposition from the United States.
Also Read: India opposes China-led investment facilitation proposal at WTO, calls it a non-trade issue
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