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Business News/ Economy / Issues of developing countries should find focus, India tells WTO
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Issues of developing countries should find focus, India tells WTO

India insisted at the ongoing 13th Ministerial Conference under way in Abu Dhabi that new issues should not be considered for ministerial mandates unless past decisions and unfulfilled mandates were acted upon

Director-General of the World Trade Organization Ngozi Okonjo-Iweala speaks during the opening ceremony of the WTO ministerial meeting in Abu Dhabi. REUTERS (REUTERS)Premium
Director-General of the World Trade Organization Ngozi Okonjo-Iweala speaks during the opening ceremony of the WTO ministerial meeting in Abu Dhabi. REUTERS (REUTERS)

Stating that the global multilateral trading system stands at crossroads with the world battling multiple crises and the World Trade Organisation (WTO) confronting serious challenges, India has urged the multilateral agency to keep development at the core, while keeping the interests of the poor countries and developing in the agenda.

India reiterated its long-standing position on development at the ongoing 13th Ministerial Conference (MC13) under way in Abu Dhabi.

The working session on development at the MC13 also saw India pitch for the imperative that the WTO prioritizes, deliberates, and delivers solutions to the several challenges faced by developing countries including least developed countries (LDCs), the commerce ministry said in a statement on Wednesday.

"The developing countries, including the LDCs, are not only expending their limited resources fighting these global challenges but also defending their interests in this multilateral forum," the commerce ministry said.

"There have been many promises, but very little action, on account of which the vulnerabilities of the developing countries including the LDCs have only amplified further," it added.

Developing countries comprise a majority of the WTO membership, which comprises 164 members countries that account for 98% of the global trade.

Developing country status in the WTO brings certain rights. There are provisions in some WTO agreements which provide developing countries with longer transition periods before they are required to fully implement the agreement besides being able to receive technical assistance.

India has stressed the issues relevant to the developing countries should find focus and prominence during the discussions on the draft Abu Dhabi ministerial declaration, the commerce ministry said.

"India’s proposals for discussions all kept this prioritization in mind. India insisted that new issues should not be considered for ministerial mandates unless past decisions and unfulfilled mandates were acted upon," it said.

"The developed countries have used and benefitted from all policy tools available and are still utilising them for their new industries, where many industrial policy measures are being taken. The irony was that now, these very same members were kicking the ladder away," it added.

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ABOUT THE AUTHOR
Rhik Kundu
Rhik writes about the Indian economy and its crucial indicators. He is constantly navigating corporates, decoding policies, and dabbling with everything in between.
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Published: 28 Feb 2024, 09:31 PM IST
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