|
Union Minister of Commerce and Industry Piyush Goyal called for a World Trade Organization-compliant approach to tackle trade distortions and excess capacity during the concluding day of the G20 Trade Ministers Meeting in Milwaukee, Wisconsin.
According to the Ministry of Commerce & Industry, addressing a session on structural excess capacity and production, the Minister stated that corrective measures against unfair market practices must adhere strictly to established multilateral rules rather than unilateral interventions. Goyal said that India shares the concerns of many Members that trade-distorting support in some economies can lead to dumping and predatory pricing. He said such concerns are addressed through WTO-consistent measures, including anti-dumping and countervailing duties, based on evidence and subject to judicial review. Clarifying Indias manufacturing standing, Goyal noted that India operates as a domestic-demand-driven economy catering to 1.4 billion people and does not possess structural excess capacity in the sectors identified by the G20 Presidency. He noted that industrial capacity in itself does not cause problems, whereas distortions emerge when geographical concentration stems from hidden subsidies. Goyal mentioned that diversification of production and supply chains is a legitimate objective, but cannot be used as a pretext for measures outside WTO rules or for shifting the burden of adjustment onto developing countries, which must retain policy space to industrialise. Speaking on updating the Most-Favoured-Nation principle, the Minister observed that Indias commerce relies on a transparent, non-discriminatory framework. Most-Favoured-Nation treatment is a key guarantee of this system, ensuring that the same terms apply to the smallest trader and the largest trader, he said, while demanding the restoration of the two-tier dispute settlement mechanism and the preservation of special and differential treatment for developing nations. Turning to the elimination of forced labour in global supply chains, Goyal affirmed that Indias stance remains absolute under Article 23 of the Constitution. He stated that India ratified ILO Conventions 29 and 105, and amended its Foreign Trade Policy in July 2026 to bar imports made with forced labour. Goyal added that measures at the border must be based on specific and verifiable evidence rather than presumptions about entire countries, regions or sectors, and must respect due process and WTO rules. The International Labour Organization is the competent, universal and tripartite body for labour standards, he added, noting that voluntary cooperation among G20 members must not create new obligations or justify unilateral trade action. Goyal thanked the United States Presidency for hosting the event, reaffirmed Indias support for the United Kingdom's upcoming 2027 G20 Presidency, and conducted bilateral discussions with counterparts from Australia, Saudi Arabia, France, South Korea, and Canada on the sidelines of the summit. The Union Minister is visiting the United States for the G20 Trade Ministers Meeting and engaging with leaders of American industry, investors, and the startup community in Milwaukee, Chicago, and New York. The week-long official visit was scheduled from September 29 to October 5, 2026. (ANI)
|
