In the meeting, the two countries asked DSB to delay consideration of a dispute panel's reports until July 26, 2024 in order to help facilitate resolution of the disputes, the Geneva-based official said, adding that the body agreed to that.

In April 2023 the World Trade Organization (WTO) had forecast that merchandise trade volumes would likely grow 1.7% that year. However, disruptions in the Red Sea region coupled with a global economic slowdown will likely lead to a less than 0.8% increase, well short of the WTO's April projection, the organisation’s chief Ngozi Okonjo-Iweala said at the 13th Ministerial Conference (MC13) in Abu Dhabi last week.

Finance Minister Nirmala Sitharaman delivered significant insights during the Pandit Hriday Nath Kunzru Memorial Lectures 2024 at JNU, shedding light on India's robust economic fundamentals and the evolving global trade scenario.

The looming U.S. presidential elections add further pressure on the WTO to make progress on reform. Diplomatic sources suggest that the current meeting represents the last opportunity before the elections, highlighting the need to address longstanding issues.

India has proposed that developing countries be allowed to give subsidies to their poor fishermen to catch fish till exclusive economic zones (EEZs) or up to 200 nautical miles from the shore; while rich countries engaged in fishing beyond this zone should stop providing any kind of subsidies for the next 25 years.

With an influential group of 19 agro-exporting countries, including members of the Cairns Group like Australia, Brazil, and Canada, criticizing India's farm support policies, tensions have escalated on the global stage.