Finance Minister Nirmala Sitharaman was speaking at a symposium on ‘Strengthening global cooperation to combat food insecurity’ on the sidelines of the 3rd G20 Finance Ministers and Central Bank Governors meeting in Bali, Indonesia.
Finance Minister Nirmala Sitharaman was speaking at a symposium on ‘Strengthening global cooperation to combat food insecurity’ on the sidelines of the 3rd G20 Finance Ministers and Central Bank Governors meeting in Bali, Indonesia.
Finance Minister Nirmala Sitharaman on July 15 asked the World Trade Organization (WTO) to allow India to export food grains from its public stockpiles, which are facing a food crisis.
She was speaking at a seminar on ‘Strengthening global cooperation to combat food insecurity’ on the sidelines of the third session. G20 Finance Ministers and Central Bank Governors (FMCBG) meeting in Bali, Indonesia.
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As per WTO norms, countries are not allowed to export food grains from their public stock holdings as they are purchased at subsidized rates.
“The WTO has a restriction that grain thus procured cannot be brought into the market for export. This is a situation that has existed since the days of the Uruguay Round. We have repeatedly stated that (additionally) we have our is for small farmers… we are quite ready to do business,” Ms Sitharaman said.
He said India can help reduce hunger or food insecurity but there is a hesitation on the part of the WTO. Many countries of the world are currently facing food shortage due to the ongoing food Russo-Ukraine War,
A group of around 70-80 countries led by Singapore is prompting WTO member states to accept binding commitments not to increase export restrictions on food purchased under the United Nations World Food Program (WFP).
However, some members have expressed concerns regarding a wider exemption for WFP food purchases for domestic food security reasons. The Finance Minister highlighted that food, fuel and fertilizers are global public goods, and ensuring access to these is critical for developing and emerging economies.
He said there is an urgent need to strengthen food production and the global food system. Ms Sitharaman also shared India’s experience, which includes strong gains in agricultural production, citizen-centric food security programs and innovative delivery mechanisms such as the landmark plan. ‘One Nation One Ration Card’ Plan.
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“The world is going to celebrate 2023 as the International Year of Millets and since India is a major millet producing country in the world, it can ensure valuable contribution to food security in the world through millet production,” she said.
During the meeting, Ms Sitharaman met Canada’s Deputy Prime Minister and Finance Minister Chrystia Freeland.
“The two ministers exchanged views on the #GlobalMacroEconomic outlook and risks and discussed important issues on the #G20Finance track,” the finance minister said in a tweet.