India Will Work With Other Countries To Reform World Trade Organization (WTO)

The Union Minister of Commerce & Industry and Civil Aviation, Suresh Prabhu, said that India will work along with other member countries to reform the World Trade Organization (WTO) to ensure that it remains an engine for global trade. Speaking at a conference on Strategic Alliance for WTO and Trade Remedies in New Delhi today, he said that the multilateral trading system is under stress and number of fresh trade restrictive measures have surged which will affect global trade and economic growth.

Prabhu said that without WTO, trade, economy will not expand as it is the only organization dealing with global rules of trade between nations. The WTO acts as an essential pillar of global trade governance providing the framework of rules and practices that underpin some 98% of global trade today and is expected to provide rule based system as well as stability and predictability in world trade.

He noted further informed that India is not for or against any country but desire to make WTO a forward looking organization, which is able to support a better global trade order.He said that during the last few months he has discussed substantive issues with over 100 Ministers of Trade and Commerce of various countries to evolve new reform agenda for WTO which will be acceptable to most the countries.

Powered by Capital Market - Live News


(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

Dear Reader,


Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

Business Standard is now on Telegram.
For insightful reports and views on business, markets, politics and other issues, subscribe to our official Telegram channel