There is an urgent need to address World Trade Organisation (WTO) reforms on a top priority basis, said Anupriya Patel, Minister of State for Commerce and Industry.
India has been pitching for WTO reforms and also pressing for better dispute settlement mechanisms during G20 talks. The emphasis of these discussions would be on reaffirming WTO’s foundational principles, as embodied in the Marrakesh Agreement and its multilateral trade agreements, thus recognising the need for the open, fair, inclusive and transparent functioning of WTO.
The minister was speaking at the 2nd Trade and Investment Working Group meeting in Bengaluru on Wednesday.
Ms. Patel said the priorities pursued by G20 under India’s Presidency of the Trade and Investment Working Group were a mix of continuity from the previous Presidencies and these reflect upon the additional challenges which need global attention.
“There is an urgent need for addressing the World Trade Organisation reforms on a top priority basis as WTO assumes a vital role in ensuring fairness and transparency in global trade and forms the backbone of the multilateral trading system,’‘ she insisted.
In his remarks, Sunil Barthwal, Secretary, Department of Commerce said the process of WTO’s reformation necessitated inclusive efforts aimed at bolstering the multilateral trading system.
Som Parkash, Minister of State for Commerce and Industry, remarked that India was aiming to emerge as the global leader in the international trade landscape. The country was already set to become the second-largest e-commerce market globally.
“We have witnessed a remarkable transformation through embracing open markets and global integration. This has also been driven by a robust entrepreneurial spirit and steadfast government support,’‘ the minister noted.