- The Ninth Ministerial Conference of the WTO took place in Bali during 3-7 December 2013. Ministers issued a Declaration and ten Decisions were adopted on various issues including trade facilitation and issues relating to agricultural trade rules, development, and least developed countries (LDCs). Amongst these Decisions, two are of particular significance for India, viz. the Ministerial Decision for an Agreement on Trade Facilitation and the Ministerial Decision on Public Stockholding for Food Security Purposes.
- The Trade Facilitation Agreement (TFA), which was also endorsed by India at the Ninth Ministerial Conference, is basically aimed at greater transparency and simplification of customs procedures, use of electronic payments and risk management techniques, and faster clearances at ports.
- On 27 November 2014, the General Council of the WTO adopted a Decision on Public Stockholding for Food Security Purposes, a Decision on the TFA and a Decision on Post Bali Work. The General Council Decision on Public Stockholding for Food Security Purposes makes it clear that a mechanism under which WTO members will not challenge the public stockholding programmes of developing country members for food security purposes, in relation to certain obligations under the WTO Agreement on Agriculture, will remain in place in perpetuity until a permanent solution regarding this issue has been agreed upon and adopted.
- The Tenth Ministerial Conference of the WTO (MC10) will be held in Nairobi, Kenya, from 15 to 18 December 2015.
- Invisible account covers (a) services, (b) transfers, and (c) income. As a proportion of GDP, the CAD declined from 3.1% in the first half of 2013-14 to 1.9% in the first half of 2014-15.
