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Economic Times
6 hours ago
- Business
- Economic Times
WTO chief urges India to support proposal on investment facilitation
Live Events (You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel Paris, World Trade Organization chief Ngozi Okonjo-Iweala on Tuesday urged India to support the China-led proposal on investment facilitation for development as several developing countries are backing the Director General of the Geneva-based body said she discussed several issues like WTO reforms and agriculture with Indian Commerce and Industry Minister Piyush Indian minister is here on an official visit."We need India as a leader. India is a leading country, and India is doing well. So, 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," she told reporters for agriculture, "we also need" to listen to what India's issues are and try to be supportive.A China-led group of 128 countries is pushing for the Investment Facilitation for Development (IFD) proposal. It will be binding for only the signatory members. India is against it and has opposed the initiative in the last 13th ministerial conference at Abu Dhabi as such agreements would dilute the multilateral nature of the 166-member IFD was first mooted in 2017 by China and other countries that depend heavily on Chinese investments, and countries with sovereign wealth funds are party to that pact. Among major countries, the US is also sitting out of the World Trade Organization (WTO) deals with the global rules of trade between nations. Its main function is to ensure that trade flows as smoothly, predictably and freely as WTO chief is here to participate in a mini-ministerial meeting, which is scheduled on the margins of the OECD (Organisation for Economic Co-operation and Development) Ministerial Council Meeting here. It was convened by ministers from about 25 countries, including India, Australia, and Singapore, are here to attend the meeting."We are invited by Australia to be able to talk to each other, (about) the possible reforms to the WTO," Iweala said, adding that the multilateral trading system has been disrupted in a way it hasn't been before."But guess what? Sometimes I see challenges as opportunities, and I think this is a very good opportunity for the WTO members to look at what are those things that work and should be kept and there are many," she added that still three quarters of world goods trade is taking place on WTO terms, on MFN (most favoured nation) terms and members want to safeguard that."But there are things that also don't work. And when you have this kind of disruption, you ask yourself, what is it that needs to be reformed about the WTO? What is it that developing countries like India don't like? Let them put that on the table. What is it that the US doesn't like? Put that on the table. What do Africans not like...? Put that on the table. Let's collect this. And then let's try to reform it," she meeting assumes significance against the backdrop of the 14th ministerial conference is scheduled for March 26-29 in Cameroon, a Central African nation. PTI
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Business Standard
7 hours ago
- Business
- Business Standard
WTO chief urges India to support proposal on investment facilitation
World Trade Organization chief Ngozi Okonjo-Iweala on Tuesday urged India to support the China-led proposal on investment facilitation for development as several developing countries are backing the initiative. The Director General of the Geneva-based body said she discussed several issues like WTO reforms and agriculture with Indian Commerce and Industry Minister Piyush Goyal. The Indian minister is here on an official visit. "We need India as a leader. India is a leading country, and India is doing well. So, 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," she told reporters here. But for agriculture, "we also need" to listen to what India's issues are and try to be supportive. A China-led group of 128 countries is pushing for the Investment Facilitation for Development (IFD) proposal. It will be binding for only the signatory members. India is against it and has opposed the initiative in the last 13th ministerial conference at Abu Dhabi as such agreements would dilute the multilateral nature of the 166-member organisation. The IFD was first mooted in 2017 by China and other countries that depend heavily on Chinese investments, and countries with sovereign wealth funds are party to that pact. Among major countries, the US is also sitting out of the agreement. The World Trade Organization (WTO) deals with the global rules of trade between nations. Its main function is to ensure that trade flows as smoothly, predictably and freely as possible. The WTO chief is here to participate in a mini-ministerial meeting, which is scheduled on the margins of the OECD (Organisation for Economic Co-operation and Development) Ministerial Council Meeting here. It was convened by Australia. Trade ministers from about 25 countries, including India, Australia, and Singapore, are here to attend the meeting. "We are invited by Australia to be able to talk to each other, (about) the possible reforms to the WTO," Iweala said, adding that the multilateral trading system has been disrupted in a way it hasn't been before. "But guess what? Sometimes I see challenges as opportunities, and I think this is a very good opportunity for the WTO members to look at what are those things that work and should be kept and there are many," she said. She added that still three quarters of world goods trade is taking place on WTO terms, on MFN (most favoured nation) terms and members want to safeguard that. "But there are things that also don't work. And when you have this kind of disruption, you ask yourself, what is it that needs to be reformed about the WTO? What is it that developing countries like India don't like? Let them put that on the table. What is it that the US doesn't like? Put that on the table. What do Africans not like...? Put that on the table. Let's collect this. And then let's try to reform it," she said. This meeting assumes significance against the backdrop of the 14th ministerial conference is scheduled for March 26-29 in Cameroon, a Central African nation.
Time of India
10 hours ago
- Business
- Time of India
WTO chief urges India to support proposal on investment facilitation
WTO chief Ngozi Okonjo-Iweala urged India to support the China-led Investment Facilitation for Development proposal, highlighting that many developing nations back the initiative. She acknowledged India's concerns regarding agriculture and emphasized the need for WTO reforms, inviting members to voice their issues. This discussion occurred during a mini-ministerial meeting focused on improving the multilateral trading system. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Paris, World Trade Organization chief Ngozi Okonjo-Iweala on Tuesday urged India to support the China-led proposal on investment facilitation for development as several developing countries are backing the Director General of the Geneva-based body said she discussed several issues like WTO reforms and agriculture with Indian Commerce and Industry Minister Piyush Indian minister is here on an official visit."We need India as a leader. India is a leading country, and India is doing well. So, 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," she told reporters for agriculture, "we also need" to listen to what India's issues are and try to be supportive.A China-led group of 128 countries is pushing for the Investment Facilitation for Development (IFD) proposal. It will be binding for only the signatory members. India is against it and has opposed the initiative in the last 13th ministerial conference at Abu Dhabi as such agreements would dilute the multilateral nature of the 166-member IFD was first mooted in 2017 by China and other countries that depend heavily on Chinese investments, and countries with sovereign wealth funds are party to that pact. Among major countries, the US is also sitting out of the World Trade Organization (WTO) deals with the global rules of trade between nations. Its main function is to ensure that trade flows as smoothly, predictably and freely as WTO chief is here to participate in a mini-ministerial meeting, which is scheduled on the margins of the OECD (Organisation for Economic Co-operation and Development) Ministerial Council Meeting here. It was convened by ministers from about 25 countries, including India, Australia, and Singapore, are here to attend the meeting."We are invited by Australia to be able to talk to each other, (about) the possible reforms to the WTO," Iweala said, adding that the multilateral trading system has been disrupted in a way it hasn't been before."But guess what? Sometimes I see challenges as opportunities, and I think this is a very good opportunity for the WTO members to look at what are those things that work and should be kept and there are many," she added that still three quarters of world goods trade is taking place on WTO terms, on MFN (most favoured nation) terms and members want to safeguard that."But there are things that also don't work. And when you have this kind of disruption, you ask yourself, what is it that needs to be reformed about the WTO? What is it that developing countries like India don't like? Let them put that on the table. What is it that the US doesn't like? Put that on the table. What do Africans not like...? Put that on the table. Let's collect this. And then let's try to reform it," she meeting assumes significance against the backdrop of the 14th ministerial conference is scheduled for March 26-29 in Cameroon, a Central African nation. PTI
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Business Standard
2 days ago
- Business
- Business Standard
India to raise agri, fisheries, investment facilitation issues at WTO meet
India will flag its concerns on issues pertaining to agriculture, fisheries agreement, China-led proposal on investment facilitation and dysfunctional appellate body of the WTO during an informal meeting of about 25 trade ministers in Paris on June 3, an official said. The mini-ministerial meeting will be held on the margins of the OECD (Organisation for Economic Co-operation and Development) Ministerial Council Meeting in Paris. Commerce and Industry Minister Piyush Goyal will participate in this meeting. He is on a five-day visit to France and Italy from June 1. The official said that India will raise its concerns on all key issues of the WTO including agriculture (finding permanent solution to the public stock holding); fisheries agreement, investment facilitation proposal, reforms in the WTO and dysfunctional appellate body of the Geneva-based forum. India is against the move led by countries such as China to push a proposal on investment facilitation at the World Trade Organization (WTO). A China-led group of 128 countries is pushing for the Investment Facilitation for Development (IFD) proposal. Since 2009, WTO's dispute settlement mechanism is not functioning properly as the US has stalled appointments of members in the appellate body. Meanwhile, a commerce ministry statement said that during his stay in Paris, Goyal will participate in the informal gathering of trade ministers from countries including the US, Singapore, Saudi Arabia, South Korea, Nigeria, Brazil, and Israel. "At this crucial forum, he will engage with global counterparts on key multilateral trade issues and articulate the perspectives and priorities of India," the ministry said. Goyal is also scheduled to hold bilateral meetings with French ministers, including Eric Lombard, Minister of Economy, and Laurent Saint-Martin, French Trade Minister. The discussions will focus on strengthening the Indo-French economic partnership and exploring new avenues for enhancing trade and investment cooperation. He will also meet top leadership of major French companies such as Vicat, Total Energies, L'Oreal, Renault, Valeo, EDF and ATR, besides attending the India-France Business Round Table and the India-France CEO Forum. As part of the visit, the minister will hold a series of high-level bilateral meetings with key international partners. These include the UK's Secretary of State for Business and Trade, Jonathan Reynolds; Singapore's Deputy Prime Minister and Minister for Trade and Industry Gan Kim Yong; and Saudi Arabia's Minister of Commerce, Majid bin Abdullah Al-Kasabi. Goyal will also engage with Israel's Minister for Trade and Investment Nir Barkat; Nigeria's Minister for Trade, Industry and Investment Jumoke Oduwole OON; Commissioner for Trade and Economic Security Marcos Sefcovic; and Brazil's Foreign Minister Mauro Luis Iecker Vieira. "These dialogues are aimed at advancing strategic economic cooperation and fostering mutually beneficial partnerships across regions. They will also provide significant impetus to India-EU FTA (free trade agreement) negotiations," it said. India and the EU are looking at concluding an early harvest trade agreement by July. (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
Time of India
3 days ago
- Business
- Time of India
WTO meet on June 3 in Paris: India to raise issues on agri, fisheries, investment facilitation
India will flag its concerns on issues pertaining to agriculture, fisheries agreement, China-led proposal on investment facilitation and dysfunctional appellate body of the WTO during an informal meeting of about 25 trade ministers in Paris on June 3, an official said. The mini-ministerial meeting will be held on the margins of the OECD (Organisation for Economic Co-operation and Development) Ministerial Council Meeting in Paris. Commerce and Industry Minister Piyush Goyal will participate in this meeting. He is on a five-day visit to France and Italy from June 1. Play Video Pause Skip Backward Skip Forward Unmute Current Time 0:00 / Duration 0:00 Loaded : 0% 0:00 Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 1x Playback Rate Chapters Chapters Descriptions descriptions off , selected Captions captions settings , opens captions settings dialog captions off , selected Audio Track default , selected Picture-in-Picture Fullscreen This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Opacity Opaque Semi-Transparent Text Background Color Black White Red Green Blue Yellow Magenta Cyan Opacity Opaque Semi-Transparent Transparent Caption Area Background Color Black White Red Green Blue Yellow Magenta Cyan Opacity Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Drop shadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Descentralizado, evento gera mais empregos e amplia renda do estado Estúdio Folha Leia mais Undo Also Read: Doubling tariff on steel, aluminium by US to disrupt India's metal exports: Experts The official said that India will raise its concerns on all key issues of the WTO including agriculture (finding permanent solution to the public stock holding); fisheries agreement, investment facilitation proposal, reforms in the WTO and dysfunctional appellate body of the Geneva-based forum. Live Events India is against the move led by countries such as China to push a proposal on investment facilitation at the World Trade Organization (WTO). A China-led group of 128 countries is pushing for the Investment Facilitation for Development (IFD) proposal. Since 2009, WTO's dispute settlement mechanism is not functioning properly as the US has stalled appointments of members in the appellate body. Meanwhile, a commerce ministry statement said that during his stay in Paris, Goyal will participate in the informal gathering of trade ministers from countries including the US, Singapore, Saudi Arabia, South Korea, Nigeria, Brazil, and Israel. "At this crucial forum, he will engage with global counterparts on key multilateral trade issues and articulate the perspectives and priorities of India," the ministry said. Goyal is also scheduled to hold bilateral meetings with French ministers, including Eric Lombard, Minister of Economy, and Laurent Saint-Martin, French Trade Minister. The discussions will focus on strengthening the Indo-French economic partnership and exploring new avenues for enhancing trade and investment cooperation. He will also meet top leadership of major French companies such as Vicat, Total Energies, L'Oreal, Renault, Valeo, EDF and ATR, besides attending the India-France Business Round Table and the India-France CEO Forum. As part of the visit, the minister will hold a series of high-level bilateral meetings with key international partners. These include the UK's Secretary of State for Business and Trade, Jonathan Reynolds; Singapore's Deputy Prime Minister and Minister for Trade and Industry Gan Kim Yong; and Saudi Arabia's Minister of Commerce, Majid bin Abdullah Al-Kasabi. Goyal will also engage with Israel's Minister for Trade and Investment Nir Barkat; Nigeria's Minister for Trade, Industry and Investment Jumoke Oduwole OON; Commissioner for Trade and Economic Security Marcos Sefcovic; and Brazil's Foreign Minister Mauro Luis Iecker Vieira. "These dialogues are aimed at advancing strategic economic cooperation and fostering mutually beneficial partnerships across regions. They will also provide significant impetus to India-EU FTA (free trade agreement) negotiations," it said. India and the EU are looking at concluding an early harvest trade agreement by July. PTI
