WTO needs to reassess the way of conducting its affairs: Goyal

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SME Times News Bureau | 19 Nov, 2021
The World Trade Organization needs to reassess the way it has been conducting its affairs, said Piyush Goyal, Union Minister for Commerce and Industry, Consumer Affairs, Food and Public Distribution and Textiles.

According to Goyal, developed countries should do more and meet their obligations such as providing clean and green technology to achieve the 'Sustainable Development Goals' and achieve climate goals and meet the needs of billions of people.

"I can understand a discussion on which countries should be considered developing and which should now be considered developed, I think the world should be open to a discussion on
that," Goyal added while interacting during a session on "Enhancing Global Footprint: India's Big Opportunity" at the CII Global Economic Policy Summit, 2021.

"But to deprive countries from certain differentiated treatment in their business practices when they are at levels of $600-3,000 per capita income and putting them on the same benchmark as a country which makes $60,000 or $80,000 per capita is grossly unfair. So, I think the developed world should look at their priorities."

Besides, he said the Centre should have no role in running businesses, rather it should act as a facilitator.

"Boosting the role of the private sector and engaging both the government and the private sector to work possibly through private-public partnerships, through greater engagement with the private sector and the government, but leaving the work of running businesses to business firms."

"So the government's job to keep expanding our footprint or our engagement into businesses, our role should be more and more facilitating businesses."