Sat, 01 Oct 2022

New Delhi [India], September 22 (ANI): Commerce and Industry Minister Piyush Goyal called for intensive efforts to save and promote multilateralism at the ongoing meet in Bali, Indonesia on Thursday.

His remarks came at the G20 Trade, Investment and Industry Ministerial Meeting.

He expressed concern that if multilateralism was imperiled, 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 to 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.

"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," urged Goyal.

He also asked members to be conscious that the fisheries negotiations and a permanent solution to public stockholding, a permanent solution to the e-commerce moratorium among other agendas required urgent attention and decisions.

"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 for India's position and many members expressed the desire to see outcomes and aligned with India's proposal. (ANI)

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