WTO Chief Expresses Concerns Over Increasing Protectionism
WTO chief stressed on the need for cooperation in resolving global trade issues.
Expressing concerns over rising protectionism in developed countries, especially in the U.S., which has imposed high import duties on steel and aluminium, WTO chief Roberto Azevedo today called upon the member nations to come together and resolve the issues related to global trade.
The World Trade Organization Director General, who is in New Delhi for a mini ministerial meeting called by India, said that encouraging trends in global trade such as rising export orders and volumes could be jeopardised by protectionist measures. He was speaking at an industry interaction organised by CII.
Azevedo, according to the CII statement, pointed “to rising risks to this positive outlook with recent incidents of increased protectionist moves by members”. He cited the recent tariff increases by the U.S. for steel and aluminium among other protectionist measures by other countries.
He stressed upon the need for WTO members to come together, adopt a flexible posture and cooperate in resolving global trade related issues.
The WTO chief appreciated the initiative and the leadership role of India in organising the mini ministerial meeting. Talking to reporters, he said this meeting will be useful for carrying forward the mandate of the multilateral trade body.
We are facing many challenges in the WTO and outside. Trade environment globally is very risky at this point of time. We will try to have an open and honest conversation at the informal WTO meeting here.Roberto Azevedo, Chief, WTO
He also called on Prime Minister Narendra Modi. “We have very significant challenges before us. We have the dispute settlement system compromised by a blockage in the appointment of appellate members and this will be the focus of conversations in New Delhi,” he added.
During the interaction with industry JS Deepak, India’s Ambassador and Permanent Representative to WTO touched upon the backlash against globalisation and free trade by its proponents in recent times.
He also stressed on India's stance on demanding special and differential treatment for developing economies.
India is hosting an informal mini-ministerial meeting of the members of the WTO, which is being attended by representatives of 50 countries.