No alternative to rules-based multilateral trading system: Patel

There is no alternative to the rules-based multilateral trading system, and a strong commitment to the World Trade Organization (WTO) is the only way forward, Minister of State 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, and 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 meeting of the 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 to honor the mandate decided by the ministers,'' she added.

The four-day 12th ministerial conference (MC) will begin on June 12 in Geneva. The meeting is happening after a gap of four years, against the backdrop of the Ukraine-Russia war and uncertain global economic situation. The last time it was held in Argentina was in 2017.

Further, Patel said while India looks forward to a fair, balanced, and equitable outcome in the fisheries subsidy negotiations in MC12, the principle of common but differentiated responsibility should be applied.

''Moreover, the S&DT (special and differential treatment )provisions must continue to be relevant for developing countries,'' she added.