WTO reforms should be transparent, says Piyush Goyal at 14th Ministerial Conference

Union Commerce and Industry Minister Piyush Goyal on Thursday said the necessary reform of the World Trade Organisation (WTO) should be carried out through a transparent, inclusive and member-driven process, keeping development at its core, upholding the foundational principles and objectives of the organisation.

Speaking at the 14th Ministerial Conference (MC14) of the WTO in Yaoundé, Cameroon, Goyal said the reforms should focus on non-discrimination, consensus-based decision making and equity. S&DT should be precise, effective and operational.

The incorporation of plurilateral outcomes into the WTO framework should be based on consensus and not impair existing rights of non-parties or cast additional obligations on them, he outlined.

The past mandates, he said, should be delivered on priority and a dysfunctional Dispute Settlement System has deprived members from effective redressal. “We must restore the automatic and binding dispute settlement system,” Goyal said.

He further said agriculture is critical to the livelihoods of millions. For global south, permanent solution on public stockholding for food security purposes, special safeguard mechanism and cotton are long-pending mandated issues, which must be dealt on priority.

The minister highlighted that India remains committed to negotiating a comprehensive Fisheries Subsidies Agreement that balances current and future fishing needs, protects the livelihoods of poor fishers, with appropriate and effective S&DT.

In the absence of a common understanding among members on the scope of the moratorium on customs duties on electronic transmissions and given its potentially significant implications, the continued extension of this moratorium warrants careful reconsideration, he stated.

He outlined that India believes that emerging technologies must serve Sarvajan Hitaya, Sarvajan Sukhaya — welfare for all and happiness of all. The multilateral trading system must also ensure that innovation, development and opportunity are shared equitably among members.

“We will engage constructively to show that WTO remains central to global trade and strive to reform it to remain responsive, perform in delivering on development, equity, and inclusiveness, and transform to better serve the interests of the poor, vulnerable, and marginalised people, anchored in consensus and multilateralism,” he added.