NEW DELHI: Roberto Azevedo, Director-General (DG) of the World Trade Organisation (WTO) on Tuesday said that the United States does not pose any existential crisis to WTO, but rather wants certain reforms in the system.“I haven’t heard that US doesn’t want the system. What I have heard is US says that the system is important and if it was not existent, it would have to be invented,” Azevedo said post holding informal talks with as many as 23 nations’ ministerial representatives amidst the backdrop of ongoing global trade disputes.
However, Azevedo said that he himself is concerned by the developments. “I am concerned since these measures have a potential for escalation because of a possible response from other partners,” he said. Azevedo, who also raised his disappointment on the outcome of the Buenos Aires summit last December, said that the US wants the WTO to change in certain areas.
“They want reforms in the system, but we don’t know what ‘reforms’ they are talking about yet,” he said.
Union Commerce Minister Suresh Prabhu also stressed on the idea of solving trade disputes through dialogues. “The only form to address any issue, be it trade or political, should be through dialogues. Nations should keep talking bilaterally and multilaterally to solve problems,” he said.
Prabhu also stated that a very senior Chinese delegation will visit India next week to discuss trade and political issues, the main topic on the agenda being India’s efforts to reduce its trade deficit with China. According to the latest data, India-China bilateral trade reached $84.44 billion last year, with a trade deficit at $51.75 billion — registering a growth of 8.55 per cent year-on-year in 2017. India has been pressing China to open the IT and Pharmaceutical sectors for Indian firms to reduce the massive trade deficit.