India’s Commerce Secretary supports multilateralism at the 14th BRICS Trade Ministers’ Meeting
Under the chairmanship of the Russian Federation, Commerce Secretary Shri Sunil Barthwal took part in the 14th BRICS Trade Ministers’ Meeting on July 26, 2024, in a notable show of India’s will to improve world trade relations. The “strengthening multilateralism for just global development” topic of the conference really spoke to India’s aspirations for a more inclusive and fair trade architecture.
Secretary Barthwal underlined during his intervention the importance of a strong multilateral trading system based mostly on the World Trade Organisation (WTO). He underlined the need of addressing long-standing problems including the permanent solution to Public Stock Holding, the construction of a two-tier Dispute Settlement system, and WTO reform grounded on the ideas and goals of the entity.
Citing India’s accomplishment in creating an open-source India Stack of Critical Digital Public infrastructure, Secretary Barthwal also underlined the need of digitalisation in commerce. In fields including payments, e-commerce, national identification, banking, and education, he said India is ready to share its experience with BRICS nations.
The speech of the Commerce Secretary also covered the important topic of unilateral steps connected to climate change affecting commerce. Under specialised multilateral environmental agreements, these policies invalidate rights and obligations, therefore undermining Common But Differentiated Responsibilities (CBDR) principles and causing concern.
Secretary Barthwal further underlined the need of BRICS countries working together in sectors including Special Economic Zones (SEZs), MSME integration with Global Value Chains, and the development side of WTO. He underlined the significance of sharing knowledge and best practices and praised the proposal on cooperation in SEZs by the Russian presidency.
Secretary Barthwal discussed bilateral trade concerns and prospects for cooperation by means of bilateral conversations with trade ministers and officials from Russia, South Africa, and the UAE on the margins of the conference.
Six result documents covering a range of subjects, including enhancing multilateralism, digitalisation, and collaboration in SEZs and MSMEs, together with a Joint Communique, helped to round out the conference.
By attending the 14th BRICS Trade Ministers’ Meeting, India shows its will to create a more fair and equitable world trade scene. By means of cooperative efforts and a common vision, BRICS countries can propel inclusive growth, advance sustainable development, and fortify multilateralism for a better future.
