Saturday, Apr 20 2024 | Time 09:48 Hrs(IST)
image
Business EconomyPosted at: Aug 22 2019 6:30PM


WTO reforms must be taken up by all member countries: Piyush Goyal

New Delhi, Aug 22 (UNI) Union Commerce and Industry Minister Piyush Goyal said on Thursday that the time has come to take on the policies of protectionism and unilateral measures by some developed countries that are having an adverse effect on global free trade and if this continues there will be recession in the world and no country will escape it.
Mr Goyal was speaking at an international dialogue on South-South and Triangular Cooperation here.
The Minister urged that all member countries must take up reforms of the WTO and not deal with issues in a piecemeal manner.
''We cannot afford to walk away from the current system but all member countries of the WTO must re-engage to ensure that the rule-based, transparent, and non-discriminatory governance that free-trade requires is taken forward honestly and in a non-discriminatory manner and keeping in mind the interests of different member countries with disparate GDP,'' he said.
Mr Goyal further stated that the policies of protectionism being followed by some countries in the developed world are affecting engagement between countries for trade in goods, services and protection of investments.
''The aspirations of people cannot be held back for a better life: for sustainable growth of the seven billion people of the world and India is committed to the Sustainable Development Goals (SDGs) and believes that peoples’ aspirations cannot be held back till 2030,'' said the Commerce and Industry Minister.
He maintained that India is not going to wait till 2030 to give access to energy, literacy and clean potable water to its people, India is fast-tracking its efforts to reach the SDGs to the last man at the bottom of the pyramid. India also desires that this pace of development reaches people in the rest of the world, he added.
''South-South cooperation is a broad framework of collaboration among countries of the South in the political, economic, social, cultural, environmental and technical domains. Involving two or more developing countries, it can take place on a bilateral, regional, intraregional, or interregional basis,'' Mr Goyal said.
South-South cooperation is a manifestation of solidarity among peoples and countries of the South and the attainment of the goals of Sustainable Development, he said.
The Commerce and Industry Minister hoped that the South-South and Triangular Cooperation will help the developed world become a part of the developing world’s growth agenda.

UNI RSA ADG 1830
Please log in to get detailed story.
Tags: #WTO reforms must be taken up by all member countries: Piyush Goyal
More News

"CSIR-IICT and BHEL partners to advance clean fuel technology: MoU signed on CO2 to DME"

19 Apr 2024 | 7:23 PM

Hyderabad, April 19 (UNI) The Council of Scientific and Industrial Research-Indian Institute of Chemical Technology (CSIR-IICT) and Bharat Heavy Electricals Limited (BHEL) Corporate R&D have forged a partnership to develop technology for capturing and converting carbon dioxide (CO2) to Dimethyl Ether (DME) through direct catalytic conversion.

see more..

Amara Raja Infra Wins Greenko’s 700MWp solar project in AP

19 Apr 2024 | 6:41 PM

Hyderabad, Apr 19 (UNI) Amara Raja Infra Private Limited (ARIPL), part of the $1.75 billion Amara Raja Group, on Friday announced it has secured a solar BoS (Balance of System) project of 500MW/700MWp from Greenko.

see more..
Sensex recovers 600 points on heavy buying on last day of week

Sensex recovers 600 points on heavy buying on last day of week

19 Apr 2024 | 5:34 PM

Mumbai, April 19 (UNI) Snapping a losing streak of last four sessions, the BSE Sensex on Friday bounced back 599.34 points to close at 73088.33 on expectation of minimal escalation of tension between Israel and Iran.

see more..

19 Apr 2024 | 5:24 PM

Mumbai, Apr 19 (UNI) IT major Wipro on Friday reported 7.80% year-on-year dip in consolidated net profit at Rs 2,834.6 crore for January-March quarter (Q4) of the financial year 2023-24.

see more..
Rupee up 8 paise against USD

Rupee up 8 paise against USD

19 Apr 2024 | 5:05 PM

Mumbai, April 19 (UNI) The Rupee on Friday ended positive at 83.47, rising 8 paise against the USD on selling US Dollar by bankers and exporters, dealers at the Foreign exchange said.

see more..
image