Multilateral Trade and India

India had convened a WTO ministerial meeting of 16 developing and six least developed countries on 13th May 2019. The meeting is being held at a time when the multilateral rule-based trading system is facing serious and grave challenges.

Challenges

  • WTO: Multilateral trade is in a crisis. Negotiations for concluding the Doha Round of WTO have reached an impasse, even after 17 years of protracted negotiations. Expecting 164 nations to agree unanimously on complex trade rules is surely far-fetched. Intransigence of developed countries to reduce agricultural subsidies, including on cotton, have led to a stalemate.
  • Rise of Regionalism: Signs of growing ....
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Economic Development