WTO Seeks India's Backing For China-Supported Investment Proposal: Director-General

(MENAFN- KNN India) New Delhi, Jun 4 (KNN) World Trade Organization (WTO) Director-General Ngozi Okonjo-Iweala on Tuesday urged India to reconsider its opposition to a China-backed investment facilitation initiative, emphasising the need for developing country leadership ahead of next year's ministerial conference.

The appeal came during discussions with Indian Commerce and Industry Minister Piyush Goyal.

Okonjo-Iweala acknowledged the unprecedented disruption facing the multilateral trading system while calling on India to support the investment facilitation for the development proposal.

The WTO chief highlighted that 90 of the 126 member countries backing the initiative are developing nations, suggesting broad support within this constituency.

India has effectively single-handedly blocked attempts to include investment facilitation as a plurilateral agreement within the WTO framework.

The Director-General framed her request within broader expectations for India's leadership role at the upcoming MC 14 ministerial meeting.

She emphasised that India should "open the way for other developing countries" while acknowledging the nation's legitimate concerns regarding agricultural issues.

Okonjo-Iweala indicated that the organisation remains committed to addressing India's agricultural priorities and providing supportive responses to these concerns.

The discussions occurred against the backdrop of what Okonjo-Iweala characterised as unprecedented challenges to the multilateral trading system.

The WTO chief indicated that reform issues would feature prominently in the mini-ministerial discussions, with each member expected to present their proposals for consideration at next year's ministerial meeting.

The emphasis on reform comes as the organisation grapples with maintaining relevance and effectiveness amid evolving global trade dynamics and geopolitical tensions that have strained traditional multilateral cooperation mechanisms.

(KNN Bureau)

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