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Union Minister for Commerce and Industry Piyush Goyal on Friday emphasised the need to rebuild trust in the global trading system, stating that consensus-driven decision-making remains the "bedrock" of the World Trade Organization.
Speaking at the Ministerial Breakout Session on 'Decision-Making and Past Mandates' at the WTO Ministerial Conference 14, Goyal shared India's perspective on strengthening global trade governance. "Rebuilding trust is essential to revitalising consensus-driven decision-making, which is non-negotiable and bedrock of WTO," Goyal said in a post on X. He also stressed the need to examine the current challenges facing the multilateral trading system in a transparent and inclusive manner. "We must undertake a comprehensive and constructive stock-take of the present impasse, with a focus on understanding the underlying causes, while ensuring that discussions remain transparent, inclusive, and member-driven," he said. The minister further highlighted the importance of a cohesive institutional framework to support global trade. "A truly integrated multilateral trading system can only flourish when its institutional framework remains cohesive, resilient, and aligned with shared aspirations of its members," he said. On the sidelines of the conference, Goyal also held discussions with senior trade officials from other countries. He met Jamieson Greer, the Office of the United States Trade Representative representative, to discuss trade ties and the progress of negotiations on the India-US bilateral trade agreement. "Had a very productive discussion with @USTradeRep Jamieson Greer on the sidelines of the WTO Ministerial Conference. Exchanged views on the #WTOMC14 agenda, next steps in the India-US BTA negotiations and explored ways to further deepen our economic cooperation and bilateral trade ties," Goyal said. The Commerce Minister also met Wang Wentao, China's Minister of Commerce, where the two leaders discussed issues related to the conference agenda and bilateral trade. "Met Mr. Wang Wentao, Minister of Commerce of China, on the sidelines of the #WTOMC14. Exchanged views on the MC-14 agenda and discussed bilateral trade matters," Goyal said. The meetings and discussions took place as global trade leaders gathered for the WTO Ministerial Conference to deliberate on key issues affecting the international trading system and its future direction. (ANI)
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