Piyush Goyal Reaffirms India’s Commitment to Rules-Based Multilateral Trading at WTO Meeting

Image Source: ANI News

Union Commerce Minister Piyush Goyal met WTO Director-General Ngozi Okonjo-Iweala during the UNCTAD16 conference in Geneva, reiterating India’s firm commitment to a rules-based multilateral trading system and collaboration to expand global trade. Simultaneous negotiations on key trade pacts with the EU and US were also highlighted.

Union Minister of Commerce and Industry Piyush Goyal held a significant meeting with Ngozi Okonjo-Iweala, Director-General of the World Trade Organization (WTO), on October 22, at the sidelines of the 16th United Nations Conference on Trade and Development (UNCTAD16) in Geneva. During this bilateral engagement, Goyal reinforced India’s steadfast support for a transparent, predictable, and rules-based multilateral trading framework, emphasizing the country’s willingness to actively cooperate with the WTO to broaden global trade opportunities.

This interaction reflects India’s proactive stance amid evolving global economic dynamics and ongoing multilateral trade challenges. Minister Goyal and the WTO chief discussed strategies to enhance international trade cooperation and address contemporary trade barriers while fostering inclusive economic growth worldwide.

The meeting occurred against the backdrop of India finalizing critical trade negotiations on two major fronts:

Ongoing discussions to conclude the Free Trade Agreement (FTA) with the European Union, focusing on resolving outstanding issues to enhance trade and investment relations.
Active negotiations towards a Bilateral Trade Agreement (BTA) with the United States, aimed at securing mutually beneficial terms to boost commerce in multiple sectors.

Further emphasizing India’s trade diplomacy, Goyal also engaged with top European Union officials, including Maros Sefcovic, the EU Commissioner for Trade and Economic Security, and Teresa Ribera, Executive Vice-President of the European Commission for Clean, Just and Competitive Transition. These discussions addressed pending trade matters, sustainable growth, green transition cooperation, and the impact of policies like the Carbon Border Adjustment Mechanism on Indian exports, particularly in the steel sector.

The Commerce Ministry highlighted that India-EU trade talks are in the final negotiation stages, with an expected conclusion by December 2025. Simultaneously, trade talks with the United States focus on market access, regulatory cooperation, and expanding trade in energy and technology sectors.

Through these diplomatic efforts, India aims to strengthen its global trade stature, deepen economic partnerships, and promote a fair, equitable, and rules-based international trade system aligned with its national and global growth priorities.

Source: ANI, IANS, The Tribune, Economic Times, Business Remedies, Indian Defense News, SocialNews.XYZ

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