India Renews Call for World Trade Organisation (WTO) Reform

India Renews Call for World Trade Organisation (WTO) Reform

New Delhi: Making an indirect reference to the ongoing US-China trade war that poses a “big challenge” to the multilateral trade system, India on Monday reiterated its call to reform the World Trade Organisation (WTO) to ensure its relevance in the changed global scenario. Addressing a conference here organised by industry chamber Ficci, Commerce Minister Suresh Prabhu said that the ongoing discussions to reform the WTO must include both old as well as new issues so as to prepare a “forward-looking agenda” for the multilateral body. “To ensure that there no repeat of the Buenos Aires (WTO ministerial in December 2017) failure it had been decided to draw up a new agenda for the WTO,” Prabhu said.

“Since then much water has flown under the WTO bridge, so to speak, and the organisation faces unprecedented challenges.” Earlier this year, US President Donald Trump launched a trade war against China by imposing tariffs on around half of its imports into America and has threatened to deepen the conflict and target all of its imports. Prabhu said that there were current challenges to global trade, the impact of which would have serious implications for the world economy and individual nations. “Today, we must agree that without WTO, we will have a problem because we need global trade. We must make sure that WTO remains intact... It has to change and change for the better,” he said.

The Minister said that India was in discussions with other member countries and an agenda was being prepared which would be forward looking, agreeable to all nations and include substantive issues. (IANS)

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