Landmark WTO deals struck: What you need to know
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Landmark deals package
The World Trade Organization's 164 members, following hectic round-the-clock talks, have approved a series of trade agreements that cover fishing subsidies, food insecurity and Covid-19 vaccines.
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Fisheries deal
The fisheries deal -- the flagship issue thrashed out at the conference -- was the last one to get over. Negotiations towards banning subsidies that encourage overfishing and threaten the sustainability of the planet's fish stocks had been going on at the WTO since 2001.
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Covid vaccine patents
The second major issue was the plan for a Covid-19 vaccine patents waiver. Britain and Switzerland found the initial draft wording worrisome. But once Britain got on board after securing clarifications, it was left to the US and China to agree to the language. There were critics on both sides over what was agreed upon.
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Food insecurity
WTO members also agreed to help ease supply shortages that some countries faced during the pandemic. With Russia's war in Ukraine fuelling a global food security crisis, members agreed on the importance of not imposing export restrictions. Food purchases by the UN's World Food Programme will be shielded from export bans.
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Big success for India: Piyush Goyal
India, who initially had reservations over the fisheries deal, was in the end fully satisfied. Commerce and Industry Piyush Goyal said after the WTO ministerial conference that the outcome was "a big success for the country".
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Five days of negotiation
The deals were ground out over five gruelling days of bargaining. The WTO's rules dictate that all decisions are taken by consensus, with any single member able to exercise a veto. Delegates cheered after they passed the package of six agreements just before dawn