Commerce and Industry Minister Piyush Goyal called for intensive efforts to save and promote multilateralism. He was delivering his opening statement at the G20 Trade, Investment and Industry Ministerial Meeting that is underway in Bali, Indonesia. He expressed concern that if multilateralism was imperilled, the world would not be left with many forums to promote dialogue and diplomacy and thus free trade would suffer.
The Minister reiterated that India stood firmly with the Indonesian Presidency in its efforts to achieve an outcome based on consensus reflecting the collective commitment of all nations for a fair, transparent and rules-based multilateral trading system
Emphasizing that India believes that multilateralism is the cornerstone for managing and facilitating global trade, the Minister welcomed the outcomes of WTO MC12. He urged the G20 to commit itself to positive and timely discussions on important areas mandated by the MC12 including WTO reforms and extension of TRIPS waver to cover the production and supply of COVID 19 diagnostics and therapeutics within the agreed timeframe of 6 months. He also asked members to be conscious that our fisheries negotiations and a permanent solution to public stockholding, a permanent solution to e-commerce moratorium amongst other agendas required their urgent attention and decisions.
The Minister observed that in the wake of the pandemic and other recent geopolitical developments, the world had witnessed disruptions in supply chains. There was an urgent need to address these challenges, he said.
Expressing grave concern over climate change he called for promoting a healthy and sustainable way of living based on traditions and values of conservation and moderation. In this regard, the ‘LIFE’ approach, that is, ‘Lifestyle For Environment’ proposed by the Prime Minister, Narendra Modi can prove to be an effective tool in promoting sustainable lifestyles and enhancing environmental sustainability, he opined.
He called upon all members to show utmost flexibility and draw from the experience at the WTO MC12 in June where significant progress to promote equitable and fair trade was achieved.
There was significant support to India’s position and many members expressed the desire to see outcomes, and aligned with India’s proposal