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Oct 22, 2023G20 Agrees on Reforming WTO
Aug 15, 2023The Group of 20 (G20) nations has agreed to work on reforms to the World Trade Organization (WTO) ahead of its critical ministerial meeting in February next year, the Indian government said on Friday.
Indian Minister of Commerce and Industry Piyush Goyal said during a press conference after a meeting of trade ministers of the G20 countries in Rajasthan that the group has exchanged views on WTO reforms and any decision will be taken during WTO's 13th ministerial conference in Abu Dhabi in February.
The WTO's top appeals bench, which rules on top international trade disputes, has been idle for more than two years due to blockages of adjudicator appointments dating to former US president Donald Trump's administration.
Under President Joe Biden, Washington has resisted calls by WTO members to approve appointments and has instead been leading negotiations on rebooting the WTO's paralyzed dispute mechanism.
The proposed reforms would include having a well-functioning Dispute Settlement System accessible to all members by 2024.
At the Rajasthan meeting, G20 members also agreed to improve WTO functioning and strengthen trust in the multilateral trading system.
The G20 takes in countries conducting over 75 percent of global trade and functions under the Indian presidency.
Meanwhile, G20 summit negotiator Amitabh Kant said on Friday India hopes to convince members of the G20 grouping of nations to find amicable solutions to geopolitical issues in response to a question about the Russian-Ukrainian war.
The Ukrainian war has cast a long shadow over global diplomacy since it began in February last year. India, now president of the G20, has taken a primarily neutral stance, generally declining to blame Russia and urging a diplomatic solution.
Speaking at a Business 20 (B20) summit in New Delhi, Kant said the group stood for growth, but war created "a huge implication in economics" by bringing challenges regarding food, fuel, and fertilizer.
"The war is not our creation," Kant said. "Our challenge is to put developmental issues right in the forefront."
The G20 summit is set to take place next month.
During the two-day event, India hopes to forge agreement among members on matters ranging from reforms of multilateral banks to developing a global approach to cryptocurrencies.