NEW DELHI: There is no alternative to the rules-based multilateral trading system, and strong commitment to the World Trade Organization (WTO) is the only way forward, Minister of Sate for Commerce and Industry Anupriya Patel has said.
She also said WTO reforms must strengthen the fundamental principles of WTO, including consensus-based decision making, inclusivity, equitable, non-discrimination, special and differential treatment. She made the remarks during the 12th BRICS Trade Ministers Meeting, held virtually on June 9.
To make the forthcoming ministerial meet of WTO in Geneva a success, the WTO members need to build trust among each other and repose confidence in the multilateral trading system. "The decision on the matter of public stockholding for food security needs to be delivered in order to honour the mandate decided by the ministers," she added.
The four-day 12th ministerial conference (MC) will begin from June 12 in Geneva. The meet is happening after a gap of four years, against the backdrop of Ukraine-Russia war and uncertain global economic situation.
Last time it was held in Argentina in 2017. Further, Patel said while India looks forward for a fair, balanced and equitable outcome in the fisheries subsidy negotiations in MC12, the principle of common but differentiated responsibility should be applied. "Moreover, it is imperative that the S&DT (special and differential treatment )provisions continue to be relevant for developing countries," she added.