Barack Obama commends Narendra Modi's leadership on striking WTO deal
President Barack Obama has commended the personal leadership role of Prime Minister Narendra Modi in finding a path forward on the WTO Trade Facilitation Agreement reached between the US and India
Washington: President Barack Obama has commended the personal leadership role of Prime Minister Narendra Modi in finding a path forward on the WTO Trade Facilitation Agreement reached between the US and India.
"The President had extensive discussions with Prime Minister Modi on this issue and appreciates his personal leadership in finding a path forward," White House Press Secretary Josh Earnest said in a statement after India and US announced that the two countries have reached an agreement on TFA.
In Myanmar, where Obama met Prime Minister Modi briefly on the sidelines of the East Asia Summit described the Indian leader "as a man of action". Earnest said the important breakthrough reached between the United States and India will unlock the progress toward the full and immediate implementation of the WTO Trade Facilitation Agreement, which will lower the costs of trade for developed and developing countries alike.
"This breakthrough will also strengthen the multilateral trading system and give a boost to its ongoing work, including in the area of food security," he said. Earnest said this has been a good week for expanding opportunities for American businesses and workers and for promoting growth around the globe.
The US agreed to India's proposal on food security issues at WTO yesterday, a development that will pave the way for a breakthrough to end the three-month long stalemate. The agreement came two days ahead of the G20 Summit in Australia, which will be attended by Prime Minister Modi and other world leaders including Obama.
As per the agreement, the US will support India'sproposal at WTO that 'peace clause', crucial for uninterrupted implementation of India's food security programme, should continue indefinitely till a permanent solution is found.
This will enable India to continue procurement and stocking of foodgrain for distribution to poor under its food security programme without attracting any kind of action from WTO members even if it breaches the 10 per cent subsidy cap as prescribed by the multilateral trade body.