Piyush Goyal stated that India strongly supports a robust WTO reforms and modernization agenda that is balanced, inclusive and preserves the core principles of the current multilateral system. He made these comments at the WTO 12th Ministerial Conference in the Thematic Session. He opined that we need to accord priority to the reform needs especially to the crisis at the Appellate body, whose functioning should become more transparent and effective, the number of suggestions for reforming the WTO could result in fundamental changes in the institutional architecture thereby, running the risk of skewing the system against the interest of developing countries. Therefore, the principles of non-discrimination, predictibilty, transparency very importantly, the tradition of decision making by consensus and the commitment to development underlying the multilateral trading system are sacrosant. Special & Differential Treatment (S&D) is a treaty-embedded and non-negotiable right for all developing members. The gaps between the developing and developed members have not narrowed down in decades but in fact, have widened in many areas. S&D provisions, therefore, continue to be relevant.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content
