New Delhi, Union Commerce and Industry Minister Suresh Prabhu said here on Monday 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.
‘The multilateral trading system is under stress and number of fresh trade restrictive measures have surged which will affect global trade and economic growth,’ Mr Prabhu said addressing at a conference on Strategic Alliance for WTO and Trade Remedies.
He 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 per cent of global trade today and is expected to provide rule based system as well as stability and predictability in world trade, he added.
Mr Prabhu informed that India was 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 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 the countries.
“I am getting a positive response from all concerned including the Director General of WTO in our endeavour to take all countries on-board”, he said.
Stressing the critical importance of devising a modified, forward-looking and inclusive WTO that includes all substantive issues to be resolved in a time-bound manner, he said,’It is necessary that we look at making the WTO improve further.’