India will work to reform WTO: Prabhu
New Delhi, Sep 14 (UNI) India will work along with other countries to reform WTO and ensure that it continues to be an engine for global trade, Union Commerce and Industry Minister Suresh Prabhu said on Friday.
The Minister said India also looks forward to working with all member countries for an agreeable, forward looking, reform agenda. Through the G-20 forum India will take this idea forward in mission mode.
He said this before participating in the G-20 Trade and Investment Ministerial meeting being held in Mar del Plata in Argentina for two days from September 14.
Further, the key issues that will be discussed in the G20 ministerial meeting include global value chains, the new industrial revolution and the international trade outlook. The multilateral trading system is facing unprecedented challenges in the wake of protectionist measures by some countries, which is not compatible with the WTO, an official statement said here.
During the meeting, Prabhu will talk about current developments in international trade and its implications for the global economy and will discuss about building an inclusive trade system that contributes to sustainable and shared growth. Trade and investment must benefit all and countries must jointly address both the opportunities and challenges of globalisation, innovation and technological advancements.
The ministerial meeting will also examine the inter relationship between trade and development with a special emphasis on the need to promote further integration of small and medium sized companies into international trade, and the opportunities posed by the digital economy and new technologies.
G-20 is made up of 19 countries and the EU. The countries are Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Republic of Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, the United Kingdom and the United States. The other invited members are Chile, Netherlands, Spain and representatives of regional groups of Jamaica, Rwanda, Singapore and Senegal.
G-20 members represent 75 per cent of international trade, half of foreign direct investment flows, half of foreign flows and 80 per cent of global production.