WTO DG thanks India; China envoy meets Prabhu

WTO DG thanks India; China envoy meets Prabhu

Agency News

New Delhi, May 15: World Trade Organization Director General Roberto Azevedo has thanked India for hosting the mini ministerial on challenges facing the multilateral trade body and the impact of rising trade tensions on trade expansion and global economic growth.
"Many thanks to India for hosting an excellent discussion among ministers in New Delhi on the challenges facing the WTO," tweeted Azevedo, a day after the informal ministerial ended on Tuesday.
"All will feel the effects and that developing countries and least-developed countries would be the most negatively affected," he said, participating in the discussion.
Azevedo observed that the informal meeting comprised a representative group that can contribute significantly to the process of understanding where we are, and considering where to go.
"I think we have an opportunity now to make it stronger and to set it on a positive path for the future," Azevedo said.
The Developing and Least Developing Countries resolved to strengthen the WTO as the global forum for trade rules setting and governance to promote development and inclusivity.
"The process of WTO reform must keep development at its core, promote inclusive growth, and fully take into account the interests and concerns of developing Members, including the specific challenges of graduating LDCs.
"The way forward must be decided through a process that is open, transparent and inclusive. We agree to work collectively with the aim to develop proposals to ensure that our common interests are reflected in the WTO reform process," said a joint declaration signed by 17 countries and issued after the meeting.
A day after the meet on Wednesday, Luo Zhaohui, Ambassador of China, which is embroiled in a trade war with the US, met the commerce minister and had a "very fruitful interaction" with him.
"Met H.E. Mr. Luo Zhaohui, Ambassador of China today. Had a very fruitful interaction with him," said Prabhu in a Twitter post. (UNI)