PM seeks robust conflict resolution mechanism

Prime Minister Narendra Modi has reiterated India’s commitment to a rule-based multilateral trading system, based on the principles of inclusiveness and consensus.

Speaking at the Informal World Trade Organization (WTO) Ministerial Meeting in New Delhi on 20 Mar 2018, he said a robust conflict resolution mechanism is one of the key benefits of the WTO.

He stressed that it is important to counter the challenges being posed to the multilateral trading system.

He pointed out that decisions taken in the Doha Round and Bali Ministerial Meeting are yet to be implemented.

The Prime Minister re-emphasized the need for a compassionate approach towards the Least Developed Countries.

Expressing satisfaction at the enthusiastic response to India’s invitation for the informal meeting, he said that this is an expression of global confidence in multilateralism, and the principles of the WTO.

The New Delhi Meeting was an exercise to create confidence and bring countries together to discuss common issues like food security and agriculture, added Minister of Commerce and Industry Suresh Prabhu.

Although there are differences among countries, there is no substitute to dialogue, bilateral and multilateral, said the Minister.

WTO Director General Roberto Azevedo said that New Delhi was the first opportunity to have a conversation at the political level after Buenos Aires and all the members have realized the seriousness of the situation and have recognized that solutions will have to be worked out by collective effort.

He went on to say that member countries had frank and manifold dialogue and expressed strong support to the WTO system.

Although there are tensions in trade relations around the world and there is concern on unilateral decisions taken by some countries which have the probability of escalation, members are committed to actively engage to find solutions. fii-news.com