India Aims to Revive WTO Dispute Settlement System
India Calls for Restoration of WTO Dispute Settlement Mechanism
India has advocated for the reactivation of the long-suspended dispute settlement mechanism at the World Trade Organization (WTO). During the recent meeting of trade ministers, India emphasized the need to address non-tariff barriers and trade imbalances attributed to certain non-market economies. This gathering took place on the sidelines of a ministerial session of the Organisation for Economic Co-operation and Development (OECD).
Importance of Multilateralism and Addressing Prior Issues
Commerce and Industry Minister Piyush Goyal reiterated the necessity of reinforcing the consensus-based approach within the WTO. He highlighted the significance of the special and differential treatment that is afforded to developing nations and least developed countries. Goyal urged the participants to refocus on the issues that have already been confirmed and mandated in previous meetings.
Collaboration Towards Strengthening Global Trade
Approximately 25 ministers from various WTO member states, including representatives from Australia, Singapore, France, and Nigeria, attended the meeting. The Director General of the WTO, Ngozi Okonjo-Iweala, also took part in this informal gathering, organized by Australia in anticipation of the 14th ministerial meeting scheduled for March next year in Cameroon. Goyal expressed a collective commitment to fortifying the WTO’s operations, ensuring respect for its foundational principles, and advancing global trade growth.
Addressing Challenges in Multilateral Trade Practices
In reference to the disruptions in global trade following actions taken by former US President Donald Trump, Goyal acknowledged that challenges may fluctuate and new situations may emerge. Nonetheless, he assured that these issues will be dealt with within the WTO’s established framework. Responding to the WTO DG’s recent invitation for India to join China’s Investment Facilitation for Development Agreement, Goyal reiterated that priority should be given to issues already included in the WTO’s mandate, rather than introducing new proposals that could exacerbate disputes among member countries.
Concerns Over Trade and Agricultural Issues
India opposes the investment facilitation proposal, emphasizing the consensus among member nations to revitalize the organization and acknowledging the importance of multilateral cooperation. Discussions during the meetings also covered agricultural concerns, such as the quest for a permanent resolution to public stockholding issues related to food grains. Additionally, there were dialogues focused on solutions to mitigate the problems of overfishing and chaotic fishing practices that have led to a decline in fish stocks.
