CIM emphasises on preserving WTO’s core principles

Shri Piyush Goyal, Minister of Commerce & Industry, emphasised on the importance of preserving the essential principles of the WTO in its reform process. He stated, “India believes that the reform process should not undermine the WTO’s fundamental principles, namely Special and Differential Treatment (S&DT), consensus-based decision making and objective of development.” Shri Goyal further added that the reform process should begin by reviving WTO’s dispute settlement mechanism by allowing re-nomination of appellate body members at the earliest. The US is looking to change guidelines, thereby ensuring that countries with high economic growth are unable to take benefits under S&DT.