WTO meeting in India focuses on fostering resilient trade policies

MENA Newswire News Desk: In a bid to strengthen trade ties between Asia and Africa, the Indian Chair of the World Trade Organization Chairs Programme (WTO-WCP) hosted a high-level meeting on October 3, 2024, focusing on the theme “Fostering Resilient and Responsible Trade for Changing Global Order.” The meeting, facilitated by India’s Ministry of Commerce and Industry, brought together trade officials and experts to explore the pressing need for regional and multilateral trade strategies that align with evolving global standards.

The discussions highlighted how inter-regional cooperation is crucial for achieving sustainable and inclusive economic growth, particularly in light of the current global trade disruptions. Participants placed a strong emphasis on the unique trade challenges faced by developing countries. Climate action, tailored to these regions, was presented as a key component of future trade strategies. The discussions revolved around how policies must accommodate developing nations while maintaining a focus on robust climate goals that promote resilience and sustainability in trade.

The meeting also identified the barriers faced by developing economies, especially in terms of digital trade and technology access. Leveraging digital tools to overcome these barriers was highlighted as essential for creating inclusive and equitable trade opportunities, ensuring that smaller economies are not left behind in the rapidly evolving global marketplace.

Among the prominent attendees were WTO Deputy Director-General Xiangchen Zhang, India’s Permanent Representative to the WTO Senthil Pandian, and several other high-ranking trade officials from Asia and Europe. Their participation underscored the importance of international collaboration in advancing responsible trade practices.

Rakesh Mohan Joshi, Vice Chancellor of the Indian Institute of Foreign Trade (IIFT) and the Chair of India’s WTO-WCP, was a key figure in the meeting. Joshi, through his leadership at IIFT, emphasized the need for both regional and multilateral solutions that address trade barriers and encourage sustainable economic policies.

The Indian Institute of Foreign Trade, alongside the Centre for Trade and Investment Law and the Centre for WTO Studies, oversees India’s WTO-WCP. These institutions play a significant role in shaping trade policies and fostering dialogue between policymakers and trade experts across the region.

The thematic sessions covered a wide array of topics, including regional trade law, sustainable climate actions, green industrial policies, and the future of critical minerals in the clean energy sector. Discussions also addressed the importance of a reformed WTO dispute settlement system to ensure fair and just outcomes in international trade disputes.