Commerce Secretary Advocates for Strengthening Multilateral Trading System at BRICS Meet

Commerce Secretary Sunil Barthwal, at the BRICS Trade Ministers' Meeting, emphasized reinforcing the multilateral trading system with the WTO. He highlighted critical issues like Public Stock Holding and advocated for enhanced cooperation among MSMEs and digital transformation. Barthwal also raised concerns about climate-related unilateral trade measures.

Commerce Secretary Sunil Barthwal, participating in the 14th BRICS Trade Ministers' Meeting, underscored the necessity of bolstering the multilateral trading system alongside the World Trade Organization (WTO), the Ministry of Commerce and Industry revealed in an official statement. Barthwal highlighted the urgency of resolving long-standing mandated issues, including a permanent solution to Public Stock Holding, the creation of a two-tier Dispute Settlement system, and WTO Reform grounded in the world trade body's principles and objectives.

Public Stock Holding remains a vital policy instrument for governments, ensuring food security through the procurement, storage, and distribution of food grains. Barthwal pointed to the need for enhanced functioning of Joint Value Chains, increased interaction among MSMEs, and showcasing India's digitalization and e-commerce success stories. He also emphasized the importance of cooperation in Special Economic Zones.

Attending the 14th BRICS Trade Ministers' Meeting on July 26, 2024, under the Russian Federation's BRICS Presidency, Barthwal called for strengthened supply chain resiliency via decentralization and diversification, bolstered cooperation in value chains through the G20 Generic Mapping Framework for GVCs, and established guiding principles for collaboration. Barthwal emphasized paperless trade and digital document management as steps towards digitalization, advocating for collaborations to make emerging technologies accessible for green transitions and climate resilience.

The Commerce Secretary expressed concerns over climate-related unilateral trade measures, highlighting that such actions undermine rights and obligations under specialized Multilateral Environmental Agreements and violate principles such as NDC and CBDR. Barthwal stressed the necessity of accelerating inclusive digital transformation.

Highlighting India's achievements in building an open source India Stack of Critical Digital Public infrastructure, Barthwal expressed readiness to share these digitalization experiences with BRICS countries. He reiterated the Jaipur Call for Action to enhance MSME information access, praising the Russian Presidency's efforts to compile essential MSME data among BRICS members.

(With inputs from agencies.)