Suresh Prabhu stress on the need for a multilateral trading system in WTO

SansadTV Bureau
File Photo: World Trade Organization (WTO)

File Photo: World Trade Organization (WTO)

Two-day WTO Ministerial Meeting of Developing Countries to conclude in Delhi today.

Addressing the meeting of 23 developing and least developed countries in New Delhi, Commerce Minister Suresh Prabhu stressed on the need for a multilateral trading system.

He said that questioning the flexibilities provided to developing economies under the WTO norms by developed nations is “controversial” and “extremely divisive”

Under WTO’s S&DT, developing countries enjoy benefits such as higher domestic support for the farm sector and longer time periods for implementing agreements and binding commitments.

He emphasised on the need to explore ways to address substantive issues and concerns regarding the functioning of the Appellate Body while preserving its independence and impartiality.

16 developing countries, Six Least Developed Countries (LDC) (Argentina, Bangladesh, Barbados, Benin, Brazil, Central African Republic (CAR), Chad, China, Egypt, Guatemala, Guyana, Indonesia, Jamaica, Kazakhstan, Malawi, Malaysia, Nigeria, Oman, Saudi Arabia, South Africa, Turkey, Uganda)and DG, WTO are participating in the meeting

The two-day meeting provides an opportunity for the Ministers to discuss various issues and the way forward

The meeting came at a critical time when growing unilateral protectionist policies by the United States and some others, and a trade war involving the world’s top two economies have put to test the multilateral trading system represented by WTO

(RSTV Bureau)