Equal responsibility of WTO members to address the challenges: Suresh Prabhu

New Delhi, Mar 21 (KNN) With a view to discuss key issues and challenges of WTO hampering global trade, India organized an informal WTO ministerial meet in New Delhi.

High level delegates from 52 countries including US and China participated in the informal meeting of WTO.

The purpose behind calling this short notice informal WTO ministerial meet is to explore solutions in order to strengthen WTO and counter the challenges being posed to multilateral trading system.

During the meeting, the representatives expressed their deep concerns over the threat posed to the credibility of the WTO rules and some of its cardinal principles such as non-discrimination, by the cycle of recent unilateral trade measures and propose counter measures.

On the issue of special and differential treatment (S&DT), which basically is an entitlement given to poorer countries to get more concessions from richer members and give fewer concessions in return.

Members from US and the EU wanted that larger developing countries, such as India, China and Brazil, to opt out. India, however, did not agree.

In this regard commerce and industry minister Suresh Prabhu in his concluding remarks as chair of the informal WTO ministerial gathering said “The need for all developing countries, including LDCs, to benefit from S&DT provisions in future trade agreements was emphasized in many interventions.”

Stating WTO has been important and now has even become more important considering the recent trends he stated that “we must ensure that global trade keeps growing which benefit all the country’s, developing and developed both.”

He further highlighted that, during the meeting two major discussions took place on Bangladesh and South Africa.

Moreover, discussed on need and importance of political guidance and development, he added.

Speaking at the occasion, DGWTO, Roberto Azenedo made the statement that, in order to progress on vital issues we need to face the problems before us, just taking support of system is not enough.

He said time has come that “words matches with deeds”.

He further added that need is to strengthen the system, ensure that the system must be robust and must be responsive to needs and priorities.

He concluded with the statement, “India support to WTO greatly appreciated particularly at such a challenging time for global trade”. (KNN/YV)