Indian Economy News

Mr. Piyush Goyal calls for intensive efforts to save and promote ideals of multilateralism

Mr. Piyush Goyal, the Minister of Commerce and Industry, Consumer Affairs, Food and Public Distribution and Textiles, urged concerted efforts to preserve and advance multilateralism. He was making his opening remarks at the G20 Trade, Investment and Industry Ministerial Meeting, which is taking place in Bali, Indonesia.

He voiced concern that the loss of multilateralism would leave the globe with fewer places for fostering diplomacy and discourse, which would harm free trade.

The Minister reaffirmed that India supported the Indonesian Presidency strongly in its efforts to reach a consensus-based conclusion that reflected the commitment of all countries to an equitable, open, and rules-based multilateral trading system.

He praised the accomplishments of WTO MC12 and emphasised that India believes multilateralism to be the cornerstone for managing and facilitating international trade. He pleaded with the G20 to commit to constructive and timely discussions on crucial issues outlined by the MC12, such as WTO reforms and an extension of the TRIPS waiver to cover the production and distribution of COVID-19 diagnostics and therapeutics within the predetermined timeframe of six months. In addition, he reminded the members that urgent attention and choices were needed for a number of agenda items, including our fisheries discussions, a long-term solution to the public stockholding problem, a long-term solution to the e-commerce prohibition, and others.

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