Balancing Global Trade: India's Stand at the WTO Reform Summit
Commerce Minister Piyush Goyal advocates for consensus-based decision-making and rule-based trade at the WTO, emphasizing special and differential treatment. He met with international officials during the WTO ministerial conference, stressing India's support for WTO reforms without compromising foundational principles like the Most Favoured Nation rule.
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- India
During the ongoing WTO ministerial conference in Yaounde, Commerce and Industry Minister Piyush Goyal underscored the importance of consensus-driven decision-making and the Most Favoured Nation (MFN) rule in global trade. Addressing WTO Reform Minister-Facilitators and international dignitaries, Goyal reiterated India's support for a reformed, yet principled, WTO framework.
Goyal emphasized the necessity of upholding foundational WTO principles, including Special and Differential Treatment for developing nations. This approach, he argued, is essential for ensuring equity and balance within the global trade ecosystem. Goyal's statements align with India's commitment to a fair, rule-based economic order.
While developed nations, led by the US, push for accelerated WTO reforms, Goyal advocated for careful consideration to prevent dilution of consensus processes that ensure equal member participation. India's stance highlights the importance of maintaining institutional integrity amid the evolving trade dynamics.
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