Syllabus: GS-III
Subject: Economy
Topic: Trade and External sector
Issue: International trade
Context: Experts on international trade, regarding the major flashpoints between developed and developing nations at the 13th WTO Ministerial Conference (MC13).
+1 Advantage: [Mains]
- Emphasizes the contentious issue of trade-climate policies.
- Importance of addressing issues related to public stockholding, especially for food security.
- the lack of political will from developed countries, particularly the US, to find a permanent solution to this problem.
- The dispute settlement mechanism, is a dysfunctional mechanism that hurts countries like India and emphasizes the importance of restoring the Appellate Body.
- The ineffectiveness of policies like Carbon Tax in making environment
| Prelims Connect:
Carbon tax: A carbon tax is also known as a pollution tax, is imposed on companies producing carbon dioxide (CO2) during their operations. ·        This tax serves as an incentive to reduce the widespread use of high-carbon fuels across the economy and mitigate the environmental impact of excessive CO2 emissions. ·         For each tonne of greenhouse gas emissions, the government sets a price that polluters must pay. |
