Goyal calls for strengthening of global institutions like WTO

Emphasising the importance of multi-lateral organisations, Commerce and Industry Minister Piyush Goyal on Wednesday called for strengthening of global institutions like the World Trade Organisation WTO and said everybody has to work towards a better future of these bodies.

Emphasising the importance of multi-lateral organisations, Commerce and Industry Minister Piyush Goyal on Wednesday called for strengthening of global institutions like the World Trade Organisation (WTO) and said everybody has to work towards a better future of these bodies. In WTO reform, he said, India is playing an important role. ''We believe we have to strengthen global institutions like the WTO, World Bank, UNFCCC (United Nations Framework Convention on Climate Change) and all of us will have to work towards a better future for these organisations. More trust, more fair working, more integrity in their own processes,'' he said while speaking at ICRIER's 13th Annual International G-20 Conference.

There is a need to build synergies with like minded partner countries to bring out a strong future agenda for all the G-20 countries -- be it on climate action or food security or energy sufficiency.

On exports, he said that during the first six months of this fiscal, India's exports stood at an historical high of USD 197 billion. ''We are well poised to achieve our targets... Services are also progressing well even with a shortfall in tourism and travel,'' he said adding the growth is reflecting a resilient economy.

On Covid vaccination in the country, the minister expressed hope that by the end of the month or middle of next month, India would have actually given every willing adult the first dose of an indigenously produced vaccine. ''We are producing 300 million vaccines every month now, we will soon be able to support lesser developed countries and those who are deprived of vaccination with indigenously manufactured vaccines, and truly go in for supporting the rest of the world,'' Goyal said. He added that India will continue to pursue the agenda of providing temporary TRIPS (Trade-Related Aspects of Intellectual Property Rights) waiver in the WTO on Covid vaccines and related medical products.

''We have made an effort...I will continue to pursue that initiative at the WTO level,'' he said.

India and South Africa had submitted the first proposal suggesting a waiver for all World Trade Organization (WTO) members on the implementation of certain provisions of the TRIPS Agreement in relation to the prevention, containment or treatment of COVID-19.

Further talking about slow funding from developed countries on climate change, he said this is going to be one of the issues under discussion in UN Climate Change Conference of the Parties (COP26) in Glasgow.

''The fact is that the developed world has led the world down. In fact India is among the only G20 countries which has not only met but also exceeded our NDCs (Nationally Determined Contributions),'' the minister said.

He added that a lot of countries are becoming conscious about healthcare expenses and there is a lot of interest in India's potential to serve the world in this sector.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)