Latest news with #NgoziOkonjo-Iweala
India Gazette
4 days ago
- Business
- India Gazette
Union Minister Piyush Goyal discusses multilateral trade concerns with WTO trade ministers
ANI 04 Jun 2025, 12:10 GMT+10 Paris [France], June 4 (ANI): Union Minister for Commerce and Industry Piyush Goyal on Wednesday participated in the WTO Trade Ministers gathering in Paris, France, at the Organisation for Economic Co-operation and Development (OECD) Ministerial Council minister discussed concerns regarding the WTO (World Trade Organisation) and multilateral trade.'Participated in the WTO Trade Ministers gathering on the margins of the OECD Ministerial Council Meeting in a very good discussion on several issues concerning WTO and multilateral trade,' Union Minister tweeted on social media 'X'.On Tuesday, speaking to ANI, Ngozi Okonjo-Iweala, Director General of the World Trade Organisation, said, 'We need India as a leader 'in the 14th WTO Ministerial Conference (MC14), which will take place in Yaounde, Cameroon, from March 26 to 29, 2026.'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 India 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 we possibly can,' the WTO DG addedThe WTO DG also raised issues of repositioning and possible reforms to the trade body. 'Goods trade is still taking place on WTO terms, MFN 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?' said DG WTOShe added, '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 about the way the organisation? Put that on the table. Let's collect these and then let's try to reform it because most members think that it is a very valuable organisation, but it should be repositioned'. Additionally, the minister also met Brazil's Foreign Minister, Mauro Vieira. Both ministers discussed the trade between the two countries and explored options to deepen the economic partnership. (ANI)
Time of India
5 days ago
- Business
- Time of India
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 Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Buy Durable Perforated Stainless Steel Sheets Online – Trusted Suppliers Stainless Steel Sheets | Search ADS Search Now Undo "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. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Economic Times
5 days 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
India Gazette
5 days ago
- Business
- India Gazette
We need India as a leader; it needs to open the way for developing countries
By Shailesh Yadav Paris [France], June 3 (ANI): Ngozi Okonjo-Iweala, Director General of the World Trade Organisation, said 'we need India as a leader 'in the 14th WTO Ministerial Conference (MC14), which will take place in Yaounde, Cameroon, from March 26 to 29, 2026. 'For MC-14, you know, 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,' the WTO DG told reporters in Paris. Highlighting India's leadership role, she said WTO reform must include support for issues important to India, such as agriculture. She also pushed for India's backing on the Investment Facilitation for Development agreement, which is supported by 90 of the 126 participating members. '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 India 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 we possibly can,' she added. Ahead of the mini-ministerial meeting hosted by Australia in Paris, WTO DG noted that the mini-ministerial meeting is crucial for setting the tone ahead of WTO ministerial Confrence. 'Most members believe the WTO is a valuable organisation, but it must be repositioned,' she said. WTO DG expressed the need for the repositioning of the multinational trading body, adding that the current disruptions to the multilateral trading system present an opportunity to drive much-needed reforms. 'Multilateral trading systems have been disrupted in a way they haven'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 those things are that work and should be kept, and there are many,' the WTO DG said. 'For example, 3/4 of world goods trade is still taking place on WTO terms, MFN 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 about the way the organisation is? Put that on the table. Let's collect these and then let's try to reform it because most members think that it is a very valuable organisation, but it should be repositioned,' WTO DG added. The discussions gain urgency ahead of the 14th WTO Ministerial Conference scheduled for March 26-29, 2026, in Cameroon. The meeting will likely serve as a crucial test for the organisation's ability to bridge growing divisions between developed and developing nations while maintaining its multilateral foundation. The WTO chief's visit to Paris coincides with a mini-ministerial meeting on the margins of the OECD Ministerial Council Meeting, convened by Australia. Trade ministers from approximately 25 countries, including India, Australia, and Singapore, are participating in discussions about potential WTO reforms. (ANI)
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Business Standard
5 days 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.
