Underlining that consensus-based decision-making is the bedrock of the WTO’s legitimacy, Commerce Minister Piyush Goyal on Saturday said it is important for the global body not to ignore the sovereign right of each member to not bind itself to rules which they do not agree to.
The Indian delegation was led by Special Secretary and Member (Customs), Surjit Bhujabal.
“Interacted with Director-General of the World Trade Organization (WTO), Dr. Ngozi Okonjo-Iweala, on the sidelines of the G20 Summit in Johannesburg,” Modi said in a post on X, highlighting the engagement.
The United States has historically championed free trade, particularly after World War II. It played a key role in establishing the General Agreement on Tariffs and Trade (GATT) and later the World Trade Organization (WTO) , both promoting reduced trade barriers.
The United States has rejected India's assertion at the World Trade Organization (WTO) that American tariffs on automobiles and auto parts qualify as safeguard measures under global trade rules.
It also discussed how this emerging segment of the global economy holds the promise for economic development and prosperity for the developing countries, including the least developed countries (LDCs).
Both the countries said that as there is no consensus on the agreement, and that it could not be included in the outcome of MC13.
It also called for effective formalisation of the ongoing informal dispute settlement reform discussions among some Members at the WTO, the Ministry of Commerce & Industry said in a statement.
According to the World Health Organisation, the Covid-19 pandemic that ravaged the planet for almost three years infected more than 750 million people, resulting in more than 6.8 million deaths.
The tensions between China and the US-led West are, as a result, hurting both sides where it matters ~ economically.
