India will work with other nations to reform WTO, says Union minister Suresh Prabhu

Suresh Prabhu said India looks forward to working with all member countries for an agreeable, forward looking, reform agenda.

India will work along with other countries to reform the World Trade Organisation (WTO) to ensure that it continues to be an engine for global trade, Commerce and Industry Minister Suresh Prabhu said Friday.

Union minister Suresh Prabhu in New Delhi.(Saumya Khandelwal/HT File Photo)

The minister, who is in Argentina for G-20 Trade and Investment Ministerial meeting, said India looks forward to working with all member countries for an agreeable, forward looking, reform agenda.

“Through the G-20 forum, India will take this idea forward in mission mode,” the commerce ministry said in a statement quoting Prabhu.

“India will work along with other countries to reform WTO and ensure that it continues to be an engine for global trade,” Prabhu said.

The key issues that will be discussed in the G-20 meeting include global value chains, new industrial revolution and the international trade outlook, among others.

The multilateral trading system is facing unprecedented challenges in the wake of protectionist measures by some countries, which is not compatible with the WTO, the statement said.

G-20 members include the EU, Argentina, Australia, Brazil, Canada, China, France, Germany, Indonesia, Italy, Japan, Korea, Mexico, Russia, South Africa, Turkey, the US and UK, India and Saudi Arabia.

G-20 members represent 75 per cent of international trade, half of foreign direct investment flows, half of foreign flows and 80 per cent of global production.