OthersIndustry association FICCI has asked the government to use the opportunity of the Word trade Organisation's mini ministerial in New Delhi to strengthen multilateral trade ties and end the deadlock in appointments to the appellate body for dispute settlement.
The appellate body for the resolution of trade disputes will no longer have the required quorum of 3 members on December 10 unless new members are appointed.
India is hosting 22 members of the WTO in New Delhi for a meetings on key issues of international trade.
“It (strengthening of multilateral trade ties) will help in effectively countering attempts by some countries to dilute the importance of multilateralism and weaken the WTO,” said Sandip Somany, President - FICCI adding that the WTO as an organisation had been under severs stress amid rising trade tensions.
Somany also said that “WTO reforms cannot ignore the ongoing problems regarding appointment of new members to the Appellate Body. If the Appellate body gets paralyzed, it will seriously damage credibility of WTO.
The industry body has also written to the commerce ministry urging it to advocate for the continuation of the "Special and Differential Treatment (S&DT)" for all least developed and developing countries. S&DT allow for special provisions to underdeveloped and developing countries including longer time periods for implementation of agreements and special measures to increase trading opportunities for these countries.
"Just to cite one specific instance, India still has over 360 million poor and as of end-May 2018, it had 73 million people in extreme poverty. So, we just cannot wish away the continued need for S&DT provisions for developing economies like India” said Somany.
The appellate body for the resolution of trade disputes will no longer have the required quorum of 3 members on December 10 unless new members are appointed.
India is hosting 22 members of the WTO in New Delhi for a meetings on key issues of international trade.
“It (strengthening of multilateral trade ties) will help in effectively countering attempts by some countries to dilute the importance of multilateralism and weaken the WTO,” said Sandip Somany, President - FICCI adding that the WTO as an organisation had been under severs stress amid rising trade tensions.
Somany also said that “WTO reforms cannot ignore the ongoing problems regarding appointment of new members to the Appellate Body. If the Appellate body gets paralyzed, it will seriously damage credibility of WTO.
The industry body has also written to the commerce ministry urging it to advocate for the continuation of the "Special and Differential Treatment (S&DT)" for all least developed and developing countries. S&DT allow for special provisions to underdeveloped and developing countries including longer time periods for implementation of agreements and special measures to increase trading opportunities for these countries.
"Just to cite one specific instance, India still has over 360 million poor and as of end-May 2018, it had 73 million people in extreme poverty. So, we just cannot wish away the continued need for S&DT provisions for developing economies like India” said Somany.
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