Piyush Goyal: Need to rebuild trust for consensus-driven decision-making, non-negotiable for WTO

Addressing the World Trade Organisation’s (WTO) 14th Ministerial Conference (MC-14) Breakout Session on ‘Decision-Making and Past Mandates’ in Cameroon, India’s Commerce and Industry Minister Piyush Goyal has emphasised that “rebuilding trust is essential to revitalising consensus-driven decision-making, which is non-negotiable” and a bedrock of the WTO.

Highlighting India’s perspectives on strengthening global trade governance, the Minister stressed on the importance of “undertaking 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.”

India has sought revival of the two-tier dispute settlement system at the WTO, which is not in place since 2019. The absence of a dispute redressal system is barring countries from pursuing multilateral recourse against actions impeding free trade. Issues like tariffs and their legitimacy in a world of free trade are expected to be discussed at the multilateral forum.
Also Read: India explores larger trade with 55-member African bloc on WTO’s sidelines

Highlighting that a “truly integrated multilateral trading system can only flourish when its institutional framework remains cohesive, resilient, and aligned with shared aspirations of its members,” the Minister had started his engagement with the Ministerial Session on ‘Foundational issues on WTO, including its principles.’

This is the first visit by an Indian Cabinet Minister to Cameroon in nearly 30 years, and the first ever by a Commerce & Industry Minister.

Also Read: Govt plans to borrow ₹8.2 lakh crore in first half; trims full-year target