Published: Wed, March 21, 2018
Health Care | By Oscar Goodwin

Members reaffirm support to WTO at informal ministerial

Members reaffirm support to WTO at informal ministerial

He said that the issue should be resolved within the multilateral framework to avoid a disruptive and unpredictable scenario in global trade.

India has called this meeting to explore options to reinvigorate the World Trade Organisation (WTO).

Even after the meeting aims to focus on issues affecting all WTO members and discussing bilateral problems seems unsuitable, India might press for issues like the United States raising import duty on aluminium and steel and increase in protectionism.

They, however, said the final stance would be known only after discussions on Tuesday. Trade environment globally is very risky at this point of time. The ministry said in a statement that delegations from 52 countries including WTO Director General Roberto Azevedo are participating in the discussions.

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However, richer nations led by the European Union and Canada have consistently pushed for newer issues such as global rules for e-commerce, investment facilitation, and rules for small and medium enterprises, promoting gender equality and reducing subsidy on fisheries, among others. However, last week, Islamabad announced that the minister would not be attending the meeting in view of the current tension between the two countries.

The meeting comes against the backdrop of imposition of import duties on steel and aluminium by the U.S. administration, and Washington dragging India to the WTO against export incentive programmes.

India is hosting an informal mini-ministerial meeting of the members of the World Trade Organization (WTO), which is being attended by representatives of 50 countries.

Besides, WTO members also deliberated on food security and special treatment for developing nations during the meeting.

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He added that there are concerns that US' move to hike tariffs has real potential for escalation due to possible retaliation from other trading partners with trade restrictive measures as well.

"Members said they all want reforms, but we don't know what that is and what kind of outcome that kind of conversation is going to have".

Mr Prabhu also said a senior Chinese trade minister will be coming to India next week to hold talks over the huge trade deficit.

Almost 50 countries expressed concern on Tuesday to the World Trade Organisation (WTO) about the "serious threat" posed by unilateral trade actions, a pointed reference to U.S. import tariffs that have caused a global outcry.

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