Piyush Goyal at the G20 ministerial meet in Bali voiced worry that if multilateralism were to be undermined, the world would be left with fewer forums for conversation and diplomacy, and so free trade would suffer.
Commerce and Industry Minister Piyush Goyal, in his opening statement at the G20 ministerial meeting in Bali on Thursday, stated that intensive efforts are required to safeguard and promote the ideals of multilateralism.
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He voiced worry that if multilateralism were to be undermined, the world would be left with fewer forums for conversation and diplomacy, and so free trade would suffer.
India's strong pitch for multilateralism at #G20Indonesia.At Ministerial Meeting, urged members to work for a consensus-based outcome document.The grouping must send out a strong message of its committed efforts to find solutions for global good.📖https://t.co/LONEDtVU5K pic.twitter.com/3BuO3aBD8C— Piyush Goyal (@PiyushGoyal) September 22, 2022
The Minister reaffirmed India's unequivocal support for the Indonesian Presidency's efforts to produce a consensus-based outcome that reflects all nations' combined commitment to a fair, transparent, and rules-based multilateral trade system.
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The Minister welcomed the conclusions of the WTO MC12, emphasising that India believes multilateralism is the foundation for managing and promoting global trade.
He asked the G20 to commit to positive and timely negotiations on key issues stipulated by the MC12, such as WTO reforms and the extension of the TRIPS waiver to encompass the production and delivery of COVID 19 diagnostics and therapies within the agreed-upon 6-month timeframe.
"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," according to a statement by the Ministry of Commerce.
Goyal stated that governments must work together to develop resilient international supply chains in the face of geopolitical and pandemic disruptions while speaking about the world's reaction to COVID-19, digital trade, and sustainable investment for global economic recovery.
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He expressed great worry about climate change and advocated for the promotion of a healthy and sustainable way of life, based on traditions and values of conservation. In this regard, he believes that Prime Minister Narendra Modi's 'LIFE' strategy, or 'Lifestyle For Environment,' could be an efficient tool in encouraging sustainable lifestyles and boosting environmental sustainability.
The conference takes place at a time when the world is still reeling from the effects of the Covid-19 outbreak and is on the verge of a recession, owing in part to geopolitical tensions sparked by Russia's invasion of Ukraine.
He urged all members to be flexible and to learn from the WTO MC12 meeting in June when substantial progress toward equitable and fair trade was made.
There was substantial support for India's position; many members indicated a desire to see results and agreed with India's proposal.
The three-day trade, investment, and industry ministerial meeting of the Group of G20 nations began on Wednesday in Bali, Indonesia. The Member Nations discussed critical trade concerns like access to markets, creating sustainable supply chains, and World Trade Organization (WTO) reform, among others.
(Edited by : Priyanka Deshpande)