SME Times News Bureau | 28 Jan, 2020
Commerce & Industry Minister Piyush Goyal
said that the agenda for WTO reforms should be
balanced and inclusive, to address the historic asymmetries in the Uruguay
Round Agreements.
Speaking in an Informal Ministerial Gathering in
Davos last weekthe Minister said that the current challenges
throw up some key priorities for MC12 (The Twelfth Ministerial Conference will
take place from 8-11 June 2020 in Nur-Sultan, Kazakhstan), including WTO
reform.
He said that on the Appellate
Body, India believes,
that all must work collectively to achieve the vision of the founding fathers, for an effective multilateral trading system.
The early restoration
of the full strength of the Appellate Body, will
contribute to the realization of that objective, added Piyush Goyal.
Further,
the agenda for WTO reforms should be balanced and inclusive, to address
the historic asymmetries in the Uruguay Round Agreements stated Commerce and
Industry Minister. A good starting point for the reform agenda, would be removing the imbalances in the Agreement
on Agriculture, and ensuring a level playing
field, particularly for developing economies added Piyush Goyal.
He further said that as
long-standing proponents of WTO reform, developing countries have,for almost 20 years,sought the elimination of
unequal and trade-distorting entitlements in the Agreement on Agriculture.
Another positive step will
be, to build upon the work of the last several
years, and to implement existing mandates such
as a permanent solution for public stock holding for food security purposes, suggested
the minister.
He further said that this
will help in enhancing the trust of developing countries, in the WTO’s negotiating arm.
Goyal also said that
Developing countries, particularly the LDCs, have not been able to achieve an equitable share
in world trade, therefore, the continued availability of special and
differential treatment, for these countries, is imperative for them to address their
development aspirations.
The reform process should
not be used, to further restrict the
flexibilities, and policy space required by
developing countries, to better integrate with
the global trading system added Piyush Goyal.
He further said that it
should open more opportunities for them, taking into account the contrasting
levels of prosperity, unequal levels of economic development, and vast disparity in human development
indicators, so that global trade becomes sustainable.
Commerce and Industry
Minister underlined that a significant outcome
at MC12 is essential, for further
strengthening the role of the WTO in global trade.
He stated that he is
confident that in the run-up to MC12, India’s
Missions in Geneva will do the necessary spadework, to
help Ministers arrive at a consensus, and
reach a meaningful outcome at Nur-Sultan.
To achieve this, he added
that, it is necessary to put in place a structured processthat will help
finalize a limited list of focussed, do-able and fair proposals, that may be concluded at MC12.
Goyal
also addressed India’s concerns about fisheries subsidies to be adopted at
MC12.
Unregulated industrial
fishing by some nations, has led to a major
depletion of the global marine stock, said Goyal
and there is an urgent need for strong disciplines to regulate harmful fisheries
subsidies in order to ensure the sustainable
use of marine resources for securing inter-generational equity.
At the same time, Minister
cautioned that, countries need to be cognizant of the existence of a large
population of subsistence and artisanal fishermen in
LDCs and developing countries who rely on fishing for their basic
livelihood.
He urged that as they have
no other livelihood options, all nations must
collectively care for this vulnerable population of marginalised
fishermen.
Goyal
in his intervention also said that as an overall objective, the WTO must ensure
transparency and fair practices in global trade,
to ensure that our mutual economic engagement results in growth and prosperity
for all.
In conclusion Commerce and
Industry Minister reiterated and re-assured all
members that India remains a staunch supporter of the rules-based, multilateral,
trading system, and will actively engage with members,
to address the challenges before the WTO.