December 2, 2013 7:52 PM

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India not to compromise on food security & its farmers' interests

India on Monday said that the interim solution on food security as currently designed, is not acceptable to it and the country will not compromise its farmers' interests or succumb to mercantilist ambitions of rich nations.In a statement at a meeting of the G-33 in Bali on the eve of the 9th Ministerial Conference of the World Trade Organization, Commerce and Industry Minister Anand Sharma said, there is a national consensus and complete political unanimity on this matter in India.He said that it is therefore difficult for the country to accept an interim solution as it has been currently designed.Sharma added that the Bali Ministerial Meeting is an opportunity for the developing countries to stay united in resolve to demonstrate the centrality of agriculture in trade talks.Developed countries have proposed an interim solution of four-year 'peace clause' during which, India would not attract penalty even if the 10 per cent cap is broken.As per the existing Agreement on Agriculture (AoA) of the Geneva-headquartered WTO, farm subsidy has to be capped at 10 per cent of the total value of the farm production. India has raised issues regarding the way the cap value is benchmarked to the base price.

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