Power has shifted to BRICS: WTO Dy Director General

The interconnected world is having a multipolar structure that demands multilateral solutions to local issues, said Harsha Vardhana Singh, World Trade Organisation (WTO) deputy director general.

Published: 08th October 2013 11:21 AM  |   Last Updated: 08th October 2013 11:21 AM   |  A+A-

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The interconnected world is having a multipolar structure that demands multilateral solutions to local issues, said Harsha Vardhana Singh, World Trade Organisation (WTO) deputy director general. Delivering the keynote address at the international seminar organised by the Centre for WTO Studies, Department of International Relations, Central University of Kerala, on Monday, he said that the number of members of the organisation was increasing despite several criticisms being raised against it. “The global trade governance practised by the WTO is widely criticised but the number of members now is 159. In the wake of globalisation, market has been diverted as the supreme power of the world countries which determines their economical mileage. Having the largest market and manpower, power has been shifted from the US and European countries to BRICS nations,” said Harsha Vardhana Singh. “Besides, the potential of the middle-class adds strength to their bargaining power in the international market. Active participation of the African countries is also making the WTO capable of addressing the worries pertaining to the economy and market of the developing nations.” Delivering the presidential address, State Planning Board Vice-chairman K M Chandrasekhar said that leading policy makers were skeptical of the moves of the WTO. Presenting the theme paper at the seminar, Centre for WTO Studies chairman Ernst-Ulrich Petersmann emphasised the need for ensuring credibility of the developing nations. The threeday seminar will come to an end on Tuesday.

 

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