India should open way for developing nations: WTO
PARIS: While acknowledging unprecedented disruption of multilateral trading system,
WTO
chief Ngozi Okonjo-Iweala on Tuesday raised the issue of China-backed investment facilitation.
While India is opposing this, Okonjo-Iweala wants New Delhi to support the move.
"We spoke about issues of reform, about issues that India is interested in, like agriculture and how India needs to be a leader for MC 14 (next year's ministerial meeting)... India needs to open the way for other developing countries, for example, on investment facilitation for development, we want it to support, because so many developing countries, 90 out of the 126, who are members, would like to move with this.
But for agriculture, we also need to listen to what India's issues are and try to be as supportive as possible," she said after a meeting with commerce & industry minister Piyush Goyal.
India had virtually single-handedly blocked attempts to include investment facilitation as a plurilateral matter under the WTO framework. The comments came ahead of the mini-ministerial meeting of trade ministers later Tuesday. WTO chief said the issue of reform is expected to come up for discussion, at a time when multilateral trading system has been "disrupted in a way it hasn't been before".
by Taboola
by Taboola
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"Sometimes I see challenges as opportunities, and I think this is a very good opportunity for WTO members to look at what are those things that work and should be kept and there are many. For example, three quarters of world goods trade is still taking place on WTO terms, on MFN terms and members want to safeguard that," she said.
She said that each member will put their ideas on the table, paving the way for discussions at the next year's ministerial meeting.
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