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India must play leading role in reforming WTO: FICCI

today Dec 4, 2018
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Welcoming the easing of US-China trade tensions, the Federation of Indian Chambers of Commerce and Industry (FICCI) has said that India should play a key role in bringing together all countries to the discussion table for making reforms in the multilateral trading platform—the World Trade Organization (WTO), as agreed at the recent G20 meeting.

The escalating tensions between the two major trading nations in the world—the US and China—has been a cause of deepening concern in terms of its adverse impact on the financial markets across the world and also the economy, a FICCI press release said.

In such a situation, the encouraging signals from the US President Donald Trump and Chinese President Xi Jinping’s meeting in Argentina have already initiated the process that, in all probability, will succeed in defusing the impending global trade war which threatened to impact world trade in a major way, the release added.

“The very fact that no additional tariffs will be imposed by the US and both sides will engage in negotiations, is a big relief for other trading nations, including India. Also, with the G20 nations agreeing for the required reforms in the multilateral trading platform WTO, India’s role in this exercise will be critical in bringing together all the countries to the discussion table for finding a workable solution,” said FICCI president Rashesh Shah.

“As the country (India) will now be hosting the G20 summit in 2022, it can play an important role in helping the positive results of the Argentina meeting deliver concrete results, going ahead,” he added.

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