India open to leading WTO reforms, seeks consensus on agenda: Goyal, Pg 15

Key Highlights:

• India is ready to play a leadership role in WTO reform but insists reforms must reflect developing-country concerns, not just advanced economies.
• Goyal was responding to WTO DG Ngozi Okonjo-Iweala’s comments that India should lead the reform process.
• Government examining relief measures for SEZs to boost production and reduce import dependence.
• India negotiating issues such as dispute settlement reform, fisheries subsidies, and development flexibilities ahead of 14th WTO Ministerial Conference (MC14).
• India and Canada have held rounds of discussions on resuming FTA talks; “all possibilities on the table,” says Goyal.
• India pushing for balanced outcomes in the WTO, especially on agriculture, industrial tariffs, and special and differential treatment (S&DT).

Detailed Insights:

• India’s stance on WTO reform:
  • Reforms must be shaped with broad consultation and protect the interests of developing and least-developed members.
  • India asserts that WTO decisions must serve global welfare, not narrow agendas of a few wealthy nations.
  • Focus areas include:
  • Restoring a functional dispute settlement mechanism
  • Protecting policy space under S&DT
  • Balanced outcomes in fisheries subsidies and agriculture
• SEZ policy considerations:
  • Government assessing ways to improve SEZ competitiveness and boost exports.
  • Proposed measures include expanding capacities in SEZs for domestic market use under controlled frameworks.
  • The aim is to reduce import dependence by promoting domestic production.
• India–Canada trade negotiations:
  • Two rounds of discussions held since Canada’s minister visited India.
  • Both sides exploring ways to revive the FTA process, stalled due to diplomatic tensions.
  • Broader goal is strengthening bilateral trade and strategic cooperation.
• Upcoming engagements:
  • India preparing for MC14 in Cameroon in March next year.
  • Goyal emphasised need for a permanent solution on public stockholding (PSH)—a long-standing Indian demand.

Scientific/Technical Concepts Involved:

• WTO Reform: Modernisation of rules on dispute settlement, subsidies, agriculture, digital trade, and differential treatment.
• SEZ (Special Economic Zone): Designated zone offering tax and regulatory incentives to promote exports.
• FTA (Free Trade Agreement): Pact reducing tariffs and barriers to improve bilateral or regional trade flows.
• Public Stockholding (PSH): Procurement and storage of foodgrains by governments for food security; contentious in WTO agriculture rules.