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4
June 2018
 |
Economic Recovery (The
Total Investment & Insurance Solutions)
Commerce and industry
ministry Suresh Prabhu has cautioned that unilateral trade measures and counter
measures can stop the fragile global economic recovery in its tracks and have
implications for jobs, economic growth and development. The Total Investment & Insurance
Solutions
Commenting on the recent cycle of unilateral trade measures and proposed counter measures, Prabhu said “actions and counter actions such as this could stop the fragile global economic recovery in its tracks…and could also irrevocably damage the rules-based multilateral system built up with hard work over many years”. The Total Investment & Insurance Solutions
The US has imposed high duties on steel and aluminium imports from some of its trade partners including India inviting the ire and threats of counter measures from many countries. The Total Investment & Insurance Solutions
The minister was speaking at an informal gathering of 28 member countries of the World Trade Organisation (WTO) in Paris on May 31.
“Instead of using such actions to deal with any inadequacy or unfairness in the WTO provisions, the best course of action would be deal with such issues within the multi-lateral framework,” the minister was quoted in a statement by the commerce and industry ministry on Monday.
Commenting on the recent cycle of unilateral trade measures and proposed counter measures, Prabhu said “actions and counter actions such as this could stop the fragile global economic recovery in its tracks…and could also irrevocably damage the rules-based multilateral system built up with hard work over many years”. The Total Investment & Insurance Solutions
The US has imposed high duties on steel and aluminium imports from some of its trade partners including India inviting the ire and threats of counter measures from many countries. The Total Investment & Insurance Solutions
The minister was speaking at an informal gathering of 28 member countries of the World Trade Organisation (WTO) in Paris on May 31.
“Instead of using such actions to deal with any inadequacy or unfairness in the WTO provisions, the best course of action would be deal with such issues within the multi-lateral framework,” the minister was quoted in a statement by the commerce and industry ministry on Monday.
Prabhu also said that the
dispute settlement arm of the WTO was the central pillar in providing security
and predictability to the system and members should commence the selection
process to fill the vacancies in the Appellate Body
New issues, S&DT provisions Observing that the WTO already has a full agenda, Prabhu stated India’s reservations about the introduction of new issues such as investment facilitation lest fundamental issues in agriculture and development get neglected.
On e-commerce, Prabhu said India has been actively engaging in the WTO on the sector “even though it is premature to discuss binding multilateral rules for e-commerce”. The Total Investment & Insurance Solutions
Twenty eight member countries of the WTO and the Director General of the WTO attended the informal meeting and the minister met his Australian counterpart and the EU Trade Commissioner. He also met the DG WTO and discussed the current international situation arising from various unilateral trade actions and counter actions and the challenges facing the WTO.
Prabhu cautioned that while some countries viewed plurilateral discussions as a stepping stone to multilateral agreements, such initiatives could, on the contrary, weaken the multilateral trading system.
With many countries disputing a tenet of the WTO that provides for special and differential treatment for all developing countries, Prabhu said that any endeavour at the WTO for reciprocal trade rules, which ignored this reality, would further deepen the divide and aggravate the disenchantment with globalisation. The Total Investment & Insurance Solutions
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