India can play crucial role in reforming WTO, says Ficci chief

India can play a crucial role in reforming the WTO by drawing nations to the discussion table for finding a workable solution, as the country is set to host the G20 summit in 2022, industry body Ficci said Monday.

Prime Minister Narendra Modi Saturday highlighted the need for carrying out reforms in the WTO at the G-20 summit in Argentina.

He said that reforming the WTO is very important and it is also necessary to carry forward the dialogue on trade, services and promoting the global value chain in the agricultural sector.

"With the G-20 nations agreeing for the required reforms in the multilateral trading platform WTO, India's role in this exercise will be critical in bringing together all the countries to the discussion table for finding a workable solution.

"As the country will be hosting the G-20 summit in 2022, it can play an important role in helping the positive results of the Argentina meeting deliver concrete results," Ficci President Rashesh Shah said.

The meeting between US President Donald Trump and Chinese President Xi Jinping in Argentina has shown positive outcomes. In all probability, it will succeed in defusing the impending global trade war, which threatened to impact world trade in a major way, he added.

Escalating tensions between the two major trading nations have been a cause of deepening concern in terms of its adverse impact on the financial markets and economy across the world, Shah noted.

"The very fact that no additional tariffs will be imposed by the US and both the two sides will engage in negotiations is a big relief for other trading nations, including India," the president said.

(With inputs from agencies.)