Reforms needed in WTO for better global trade order : Prabhu

Speed Post News Network

New Delhi : Union Minister for Commerce & Industry and Civil Aviation Suresh Prabhu on November 19, 2018, said that India will work along with other member countries to reform the World Trade Organization (WTO) to ensure that it remains an engine for global trade. Speaking at a conference on Strategic Alliance for WTO and Trade Remedies in New Delhi, he said that the multilateral trading system is under stress and number of fresh trade restrictive measures have surged which will affect global trade and economic growth.

Prabhu said that without WTO, trade, economy will not expand as it is the only organisation dealing with global rules of trade between nations. The WTO acts as an essential pillar of global trade governance providing the framework of rules and practices that underpin some 98% of global trade today and is expected to provide rule based system as well as stability and predictability in world trade.

Prabhu informed that India is not for or against any country but desire to make WTO a forward looking organisation, which is able to support a better global trade order. He said that during the last few months, he has discussed substantive issues with over 100 Ministers of Trade and Commerce of various countries to evolve new reform agenda for WTO which will be acceptable to most countries, according to a PIB release.