50 Nations Participate In Informal WTO Ministerial Meeting

Over 50 countries that participated in the World Trade Organisation’s (WTO) mini-ministerial gathering in the capital expressed their concern over the rising threat that unilateralism and protectionist policies of the US were posing to global trade. Commerce minister Suresh Prabhu and WTO director general Roberto Azevedo, who also held meetings with Prime Minister Narendra Modi, underlined the need to continue with dialogues while finding common ground to strike a solution.

The informal two-day conference was held barely after three months of the WTO’s biennial meeting in the Argentinian capital of Buenos Aires, which concluded in a stalemate.

“The best way to address any issue, especially the trade-related issues is to continue with the dialogue process..there is no substitute for dialogue. We will keep that channel open bilaterally as well as multilaterally, especially in the backdrop of what is happening globally on the trade front,” Prabhu said, adding that issues relating to the country’s food security and
agriculture was also discussed in the meeting.

Recently, US President Donald Trump’s announced a 25% tariff on US imports of steel and 10% on aluminium while several other countries too adopted trade restrictive measures. Azevedo has pointed out earlier these measures, combined with a rise in anti-trade rhetoric, could have an impact on trade flows, economic growth and job creation.

Prabhu also said that India, though is not the largest exporter of steel and aluminium to the US, will bilaterally raise the issue of the tariff.

“I am very concerned..these issues have a potential for escalation,” Azevedo said while speaking on protectionism and stressed that a solution lies in the collective effort of all WTO member countries.

While there was no concrete decision that was taken since this was an informal one, Prabhu said it was a good beginning to keep the dialogue process open.

Prabhu also said that India and China will further have a bilateral discussion on trade next week when Chinese representatives visit the country.

Mahua Venkatesh

BW Reporters Over 20 years of experience. Writes on finance, economic affairs, banking and insurance. Past gigs: Hindustan Times, The Financial Express, Business Standard.