The Finance Minister urges investors to diversify supply chains beyond China
Image source – The Indian Express
India’s Finance Minister, Nirmala Sitharaman, has called on the World Trade Organization (WTO) to be more progressive in its approach to international trade. Sitharaman emphasized that the WTO must take into account the needs and concerns of developing nations, particularly in areas such as agriculture and services.
During a virtual meeting of the G-20 Finance Ministers and Central Bank Governors, Sitharaman stated that the WTO’s current rules and regulations have not kept pace with the changing global economy. She also highlighted the need to address issues related to technology transfer and intellectual property rights.
India has been a vocal critic of the current global trade system, arguing that it is skewed in favor of developed countries. The country has been pushing for reforms at the WTO to ensure that developing countries have a greater say in the decision-making process.
Sitharaman’s comments come ahead of the 12th Ministerial Conference of the WTO, which is scheduled to be held in Geneva in December. The conference will provide an opportunity for member countries to discuss issues related to international trade and chart the course for the organization’s future.
India’s stance on global trade has become more assertive in recent years, with the country seeking to strengthen its position as a major player in the global economy. The government has taken several measures to promote domestic manufacturing and reduce reliance on imports, including the “Make in India” initiative and the imposition of tariffs on certain goods.
Rereported from the story originally published in The Indian Express
