Piyush Goyal urges WTO to fix legacy imbalances, stresses consensus-driven approach

/ 2 min read
Summarise

India stresses the need to rebuild trust among WTO member nations and calls for a careful assessment of the current deadlock in negotiations

Commerce and Industry Minister Piyush Goyal.
Commerce and Industry Minister Piyush Goyal. | Credits: Sanjay Rawat

Commerce and industry minister Piyush Goyal on Saturday said consensus-based decision-making remains central to the credibility of the World Trade Organization (WTO), as India called for inclusive and transparent reforms at the ongoing ministerial conference in Cameroon.

ADVERTISEMENT
Sign up for Fortune India's ad-free experience
Enjoy uninterrupted access to premium content and insights.

Speaking at the 14th Ministerial Conference (MC14) in Yaounde, Goyal said, “consensus-based decision-making is the bedrock of the WTO’s legitimacy,” adding that the organisation must respect “the sovereign right of each member to not bind itself to rules which they do not agree to.”

Push for trust and inclusive negotiations

India stressed the need to rebuild trust among member nations and called for a careful assessment of the current deadlock in negotiations. It underlined that discussions must remain “transparent, inclusive and Member-driven” to ensure meaningful outcomes.

On structural concerns, Goyal highlighted that WTO reform efforts must address long-standing imbalances originating from the Uruguay Round. He said issues such as food security and safeguards for developing nations should be prioritised before taking up new agendas.

India also pointed to the continued dysfunction of the WTO’s dispute settlement system, warning that without effective adjudication, “rules lose their enforceability,” disproportionately affecting smaller economies.

Concerns over fragmentation and reform roadmap

Emphasising equitable growth, Goyal said all member countries must have “a fair opportunity to build productive capacity, create employment, and participate meaningfully in global trade.”

During the ministerial plenary on transparency, Commerce Secretary Rajesh Agrawal backed a structured and time-bound approach to WTO reforms. He said India supports “a time-bound restart of reform efforts with milestones,” based on stronger evidence and wider engagement among members.

Recommended Stories

India also cautioned against the rise of plurilateral agreements, warning that such arrangements could fragment the multilateral trading system. It called for avoiding “cherry-picking issues” and emphasised strengthening WTO committees through a bottom-up approach.

On the sidelines of the conference, Goyal held bilateral meetings with counterparts from major economies including the US, China, and Canada, focusing on both MC14 negotiations and expanding trade ties.

ADVERTISEMENT

The WTO ministerial meeting comes at a time when global trade faces rising fragmentation and policy uncertainties, making consensus-driven reforms critical for restoring confidence in the multilateral system.

Explore the world of business like never before with the Fortune India app. From breaking news to in-depth features, experience it all in one place. Download Now