Piyush Goyal bats for WTO reforms, says world trade, economic activities must benefit Global South

Issues related to easing barriers to international trade and investment, boosting productivity and output while fostering economic growth and prosperity for all will be the thrust of G20 Trade and Investment Ministerial Meeting (TIMM), Union Minister Piyush Goyal said today.

The minister, who handles multiple ministries, said that it is imperative to carve out a more dynamic and inclusive trade environment, with reforms in the World Trade Organization (WTO). Underlining that India can provide leadership to the Global South in the realm of trade and investment, Goyal pointed out that these reforms must reflect the evolving global economic landscape.

While addressing the opening session of TIMM in Jaipur, today, Goyal pointed out the need among members to work collectively to achieve concrete, decisive and action-oriented outcomes.

Goyal added that TIMM focusses on formulating shared outcomes on issues related to the multilateral trading system, inclusive trade and ease of trade and business.

He said that these issues have been deliberated upon in the four Trade and Investment Working Group (TIWG) meetings held under India’s G20 Presidency. Goyal noted that the meetings have aimed at formulating fair, inclusive and sustainable trade and trade related investment policies.

Meanwhile, the TIMM will deliberate on the following issues: Multilateral Trade for Global Growth & Prosperity; Inclusive & Resilient Trade and Leveraging Technology for Paperless Trade.

The minister said that discussions on the issues will result in concrete outcomes amid rising challenges.

Highlighting that the Covid 19 pandemic has brought out the importance of promoting inclusive and sustainable global value chains, Goyal said that in today’s interconnected world, the concept of global value chains has revolutionized the way nations engage in trade and investment.

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