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India's Trade Vision: Piyush Goyal Reaffirms WTO Commitment Amid Global Talks

Commerce Minister Piyush Goyal has reinforced India's strong commitment to the rules-based multilateral trading system during his Geneva visit. He held crucial meetings with WTO Director General Ngozi Okonjo-Iweala to discuss expanding global trade cooperation. The minister also engaged in productive talks about resolving outstanding India-EU Free Trade Agreement issues ahead of his Brussels visit. Additionally, Goyal addressed concerns about Carbon Border Adjustment Mechanism's impact on Indian exports during meetings with European Commission officials.

Key Points: Piyush Goyal India WTO Commitment Rules Based Trade System

  • Goyal met WTO chief Ngozi Okonjo-Iweala to discuss global trade expansion
  • Discussed India-EU FTA resolution with EU Commissioner Maros Sefcovic
  • Addressed Carbon Border Adjustment Mechanism impact on Indian steel exports
  • Explored innovation collaboration with WIPO during 50th anniversary partnership
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India committed to rules-based multilateral trading system: Piyush Goyal

Commerce Minister Piyush Goyal emphasizes India's commitment to WTO's rules-based trading system during UNCTAD meetings in Geneva, discussing EU FTA and global partnerships.

"Emphasised India's firm commitment to a rules-based multilateral trading system - Piyush Goyal"

New Delhi, Oct 23

Commerce and Industry Minister Piyush Goyal has emphasised India’s commitment to a rules-based multilateral trading system and willingness to work with the World Trade Organisation (WTO) to expand global trade.

Goyal met Ngozi Okonjo-Iweala, Director General of the World Trade Organisation (WTO), on the sidelines of the 16th session of the United Nations Conference on Trade and Development (UNCTAD) in Geneva.

“Emphasised India’s firm commitment to a rules-based multilateral trading system and willingness to work with WTO to expand global trade,” Goyal wrote on X social media platform.

Goyal also met Daren Tang, Director General of World Intellectual Property Organisation (WIPO).

“As the India-WIPO alliance marks its 50th anniversary, we discussed avenues to harness India’s rising innovation and IP ecosystem and potential opportunities for collaboration,” the minister posted.

Earlier, the commerce minister had a productive engagement focused on the positive resolution of the outstanding issues with respect to the India-EU FTA with Maros Sefcovic, EU Commissioner for Trade and Economic Security, ahead of his Brussels visit starting next week.

“The shared commitment on both sides towards redefining the relationship is deeply encouraging,” said Goyal.

Sefcovic said he was glad to have reconnected with Goyal ahead of his visit to Brussels.

“Our goal remains the same — to keep making progress and elevate the trade and investment relationship to a new level,” said Sefcovic.

On the sidelines of the conference, Goyal held bilateral meeting with Teresa Ribera Rodriguez, Executive Vice President of the European Commission for Clean, Just and Competitive Transition.

He discussed the impact of Carbon Border Adjustment Mechanism (CBAM) on Indian exports, especially the steel sector and ensuring that the clean transition does not create dependencies.

In his meeting with Rebecca Grynspan, Secretary-General of UNCTAD, the emphasis was on advancing UNCTAD's role in equitable economic transformation, deficiency in meeting the Paris Agreement commitments by developed countries, unjustified unilateral measures and South-South cooperation.

—IANS

- IANS

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Reader Comments

R
Rohit P
Finally some positive news on the India-EU FTA! This could be a game-changer for our exports. Hope they resolve the outstanding issues soon. 🤞
A
Arjun K
While I appreciate the diplomatic efforts, I hope our government doesn't compromise on key issues like agriculture and digital trade. We need to ensure any agreements benefit our farmers and small businesses.
S
Sarah B
The 50-year partnership with WIPO is impressive! India's innovation ecosystem has really grown. Looking forward to seeing more Indian patents and startups going global. 💡
V
Vikram M
Important that India is raising the issue of developed countries not meeting their Paris Agreement commitments. Climate justice should be at the forefront of all trade discussions. 🌍
M
Michael C
South-South cooperation is the way forward! Developing countries working together can create better trade terms than always depending on Western nations. Good strategic move by India.

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