Piyush Goyal Urges Stronger South-South Cooperation in Minerals, Fertilisers and Supply Chains

New Delhi, Oct 23 (KNN) At the 16th session of the United Nations Conference on Trade and Development (UNCTAD) in Geneva, Commerce Minister Piyush Goyal on Wednesday called for stronger South-South cooperation to tackle challenges related to critical minerals, fertilisers, and global supply chain management.

Goyal said that enhanced cooperation among developing nations could lead to long-lasting solutions for issues like the shortage of fertilisers and the limited access to critical minerals—resources currently dominated by China. 

Beijing’s control and export restrictions on rare earth elements used in electric vehicles, electronics, and defence manufacturing have disrupted global supply chains, he noted.

The minister also pointed to broader challenges facing the global economy, such as non-market practices, tariff and non-tariff barriers, over-concentrated supply chains, and unilateral environmental measures. 

He stressed that these factors have weakened trust in multilateral systems and disproportionately affected developing countries, particularly in the services sector.

Reaffirming India’s commitment to a fair, rules-based trading system, Goyal said that India stands as a reliable partner for both developed and developing nations. 

He urged the Global South to “speak with one voice” and highlighted India’s readiness to share technology, strengthen supply chains, and promote inclusive growth.

Goyal also underlined India’s achievements in renewable energy—250 GW of clean power currently installed, with a target of 500 GW by 2030. 

Despite accounting for only 3.5% of global emissions, India continues to lead sustainability initiatives such as the International Solar Alliance, Global Biofuels Alliance, and Coalition for Disaster Resilient Infrastructure.

On the sidelines, Goyal met EU Vice President Teresa Ribera Rodriguez to discuss the Carbon Border Adjustment Mechanism’s (CBAM) impact on Indian exports and held talks with UNCTAD Secretary General Rebecca Grynspan on equitable economic transformation and South-South partnerships.

(KNN Bureau)