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While participating in the 14th BRICS Trade Ministers' Meeting, Commerce Secretary Sunil Barthwal emphasised the need for strengthening the multilateral trading system with the WTO, the Ministry of Commerce and Industry said in an official release on Sunday.The Commerce Secretary stressed the need to find a solution for long-pending mandated issues of the WTO.Barthwal highlighted the urgent need for resolving issues including the permanent solution to Public Stock Holding, the constitution of the two-tier Dispute Settlement system, and WTO Reform based on the principles and objectives of the world trade body.Public Stock Holding is a policy tool that governments use to buy, store, and distribute food grains to ensure food security for their populations.
The Commerce Secretary also expressed the need to boost the effective functioning of Joint Value Chains, expand interaction among MSMEs, highlight India's successful story on Digitalisation and e-commerce, and emphasise the relevance of cooperation among Special Economic Zones. He attended the 14th BRICS Trade Ministers' Meeting held on July 26, 2024, under the BRICS Presidency of the Russian Federation. He emphasised strengthening the resiliency of the supply chain through decentralisation and diversification, furthering cooperation in value chains through the G20 Generic Mapping Framework for GVCs, and enunciating guiding principles for collaboration. In this context, as an initial step towards digitalisation, he stressed the importance of paperless trade, including the digitalisation of documents like Bills of Lading. The Commerce Secretary also advocated for collaborations to make access to affordable emerging technologies critical for green transition and climate resilience. On climate-related unilateral measures impacting trade, the Commerce Secretary expressed concern, noting that such measures nullify rights and obligations under specialised Multilateral Environmental Agreements, violate NDC Principles, and ignore the CBDR Principles. During the meeting, he underscored the urgency of accelerating inclusive digital transformation. The Commerce Secretary, while referring to India's success story of building up an open source India Stack of Critical Digital Public infrastructure as part of its digital industrialisation, expressed India's willingness to share its experience with the BRICS countries on the e-revolution in the domains of payments, e-commerce, national identity, banking, education etc, Barthwal, while reiterating the Jaipur Call for Action for enhancing access to information for MSMEs issued during India's Presidency in 2023, lauded the Russian Presidency for carrying forward the initiative by making efforts to compile basic information pertaining to MSMEs among the BRICS members. (ANI)
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