We must bring in transformation in WTO to transform world economy: Prabhu

The Dollar Business Bureau

India called for bringing transformation in the intergovernmental body World Trade Organisation (WTO) in order to transform the world economy.

Commerce and Industry Minister Suresh Prabhu said on Sunday that the WTO was established on some solid principles such as transparency and democracy and even the smallest nation has a say in this organisation of 164 members.

“That is something which is a unique characteristic. Therefore, we must bring in transformation in the WTO itself to transform the world economy. To bring that transformation, we have to put constant efforts,” Prabhu said while speaking at the Partnership Summit organised by Confederation of Indian Industry (CII).

Prabhu further said that the world trade has benefitted all the countries in terms of generating jobs and encouraging economic activities.

“Now the question is whether we should make WTO better or forget it. Organisations need reformation all the time and it needs to be changed with change in times,” he said.

As part of such efforts, a mini-ministerial meeting has been organised by India on March 19 and 20 in New Delhi, said the Minister.

Representatives from various countries has been invited by India to discuss, deliberate and to find out ways on how to move further, he said.

“This forum is not meeting one against the other. It is not against any country in the world. This is a congregation, which will be represented by all countries in the world,” Prabhu said.

The mini-ministerial meeting has been organised by New Delhi after the trade talks last year at Buenos Aires failed due to differences among the WTO member nations.

The ministers from Australia, China, European Union, New Zealand, the US and several African nations have been invited at the meeting by India.