Is India Committed to a Rules-Based Multilateral Trading System?
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Synopsis
In a significant declaration, Commerce Minister Piyush Goyal affirmed India's dedication to a rules-based multilateral trading system while engaging with global leaders at the UNCTAD conference. His dialogues centered on global trade, intellectual property, and the India-EU trade relationship, reflecting India's proactive approach in international economic collaborations.
Key Takeaways
- India is committed to a rules-based trading system.
- Collaboration with the WTO is a priority.
- The India-EU FTA discussions aim to resolve outstanding issues.
- Concerns over the Carbon Border Adjustment Mechanism were raised.
- UNCTAD's role in economic transformation is vital.
New Delhi, Oct 23 (NationPress) Commerce and Industry Minister Piyush Goyal has reiterated India’s strong commitment to a rules-based multilateral trading system and expressed a readiness to collaborate with the World Trade Organisation (WTO) to foster global trade growth.
Goyal met with Ngozi Okonjo-Iweala, the Director General of the WTO, during the 16th session of the United Nations Conference on Trade and Development (UNCTAD) held in Geneva.
“I highlighted India’s unwavering commitment to a rules-based multilateral trading system and our eagerness to partner with the WTO in enhancing global trade,” Goyal shared on the social media platform X.
Additionally, Goyal had a meeting with Daren Tang, Director General of the World Intellectual Property Organisation (WIPO).
“As we celebrate the 50th anniversary of the India-WIPO partnership, we explored ways to leverage India’s growing innovation and intellectual property ecosystem, along with potential areas for collaboration,” the minister posted.
Previously, the commerce minister engaged in fruitful discussions regarding the resolution of outstanding issues related to the India-EU Free Trade Agreement (FTA) with Maros Sefcovic, the EU Commissioner for Trade and Economic Security, prior to his upcoming visit to Brussels next week.
“The mutual commitment to redefining our relationship is very encouraging,” Goyal remarked.
Sefcovic expressed happiness at reconnecting with Goyal ahead of his Brussels trip.
“Our objective remains unchanged — to continue making progress and elevate the trade and investment relationship to new heights,” Sefcovic stated.
On the sidelines of the conference, Goyal also held a bilateral meeting with Teresa Ribera Rodriguez, Executive Vice President of the European Commission, focusing on the impact of the Carbon Border Adjustment Mechanism (CBAM) on Indian exports, particularly in the steel sector, and ensuring that the transition to clean energy does not create dependencies.
In discussions with Rebecca Grynspan, Secretary-General of UNCTAD, the focus was on enhancing UNCTAD's role in fair economic transformation, addressing the shortcomings in developed countries meeting Paris Agreement commitments, questioning unilateral measures, and promoting South-South cooperation.
Point of View
It is imperative to recognize India's proactive stance in the global economic landscape. Minister Piyush Goyal's commitment to a rules-based trading system reflects a strategic approach to fostering international relationships and addressing critical trade issues. This aligns with India's broader objectives of enhancing its global influence and securing beneficial trade agreements.
NationPress
23/10/2025
Frequently Asked Questions
What is the significance of India's commitment to a rules-based multilateral trading system?
India's commitment signifies its dedication to fair trade practices, enhancing global trade cooperation, and fostering economic growth while ensuring compliance with international norms.
Who did Piyush Goyal meet at the UNCTAD conference?
Piyush Goyal met with Ngozi Okonjo-Iweala, Director General of the WTO, and Daren Tang, Director General of WIPO, among others, to discuss trade and intellectual property matters.
What was discussed regarding the India-EU FTA?
Goyal engaged with EU Commissioner Maros Sefcovic to address outstanding issues related to the India-EU Free Trade Agreement, highlighting the mutual commitment to strengthen trade relations.
How does the Carbon Border Adjustment Mechanism affect Indian exports?
The CBAM's impact on Indian exports, especially in the steel sector, was a key topic, ensuring that clean energy transitions do not create economic dependencies for India.
What is the role of UNCTAD in economic transformation?
UNCTAD plays a crucial role in promoting equitable economic transformation and supporting developing countries in meeting global trade and environmental commitments.
