WTO Chief Urges India to Lead Global Trade Reforms

WTO Director General Ngozi Okonjo-Iweala advocates for India to spearhead reforms at the WTO, emphasizing a rules-based trading system amid global trade shifts. Speaking at the CII Summit, she praises India's economic growth and potential as a global trade leader, calling for collaborative efforts to strengthen multilateral systems.

The World Trade Organisation's Director General, Ngozi Okonjo-Iweala, emphasized India's pivotal role in championing reforms within the WTO framework, highlighting the necessity of maintaining a rules-based global trading system. Speaking at the 30th CII Partnership Summit in Visakhapatnam, she outlined India's strategic position amid transformative global trade dynamics.

Okonjo-Iweala advocated for India to lead the reform process, warning against a shift from rule-based to power-based trading systems. She pointed to the reconfiguration of global supply chains, with India poised to benefit significantly. The WTO chief highlighted the surge in green trade and digitally delivered services, now valued at nearly USD 5 trillion.

In her address, she praised India's robust economic trajectory, calling it the fastest-growing large economy, with projected growth beyond 6% in 2024-2025. Emphasizing multilateralism, Okonjo-Iweala noted the essential role of global institutions amidst bilateral deal increases. She acknowledged longstanding trade issues but insisted on focusing on contemporary opportunities and resilience-building.

(With inputs from agencies.)