India to lead WTO reforms for global welfare, not just a few: Goyal

Piyush Goyal says India wants to lead WTO reforms for the welfare of all nations, not just a few developed ones. He affirmed India's role as the voice of the global south and discussed reforms with WTO DG Ngozi Okonjo-Iweala in Visakhapatnam.

Union Minister Piyush Goyal has expressed India's desire to lead reforms that would address the welfare of the entire world and not merely the agendas of a few developed nations. Speaking to ANI, Goyal argued that India has a leadership role at the World Trade Organisation (WTO) and the world recognises the country's strength and leadership.

"India clearly has a leadership role at the WTO. I think the world recognises India's strength and leadership. Prime Minister Narendra Modi has clearly demonstrated to the world both very compassionate leadership and very strong leadership. We will continue to be responsible global citizens. We will continue to be the voice of the global south," the Union Minister said. "We would love to lead reform. But what that reform is will be decided in consultation with other developing and less developed countries, so that we can truly work for the welfare of the entire world and not just the agenda of a few developed nations," he added.

Discussions with WTO Chief on Multilateralism

Speaking about WTO Director-General Ngozi Okonjo-Iweala's attendance at the 30th CII Partnership Summit, Goyal said that he discussed the importance of preserving multilateral trading systems and trade rules, among other topics.

"We are very grateful to Ngozi Okonjo-Iweala for having come to the 30th Partnership Summit of CII, being held along with the government of Andhra Pradesh in Vishakhapatnam. We had very good discussions about the potential future of the WTO. We had very good discussions about multilateralism and the importance of preserving multilateral trading systems and rules of trade," the Minister said.

"We have also discussed the ministerial to be held in Cameroon in March, and we have also discussed the various aspects, including reform, but there are many other demands we have for public stock holding to be given a permanent solution. We want to see the dispute resolution mechanism revived. There are many agendas which we discussed," he added.

WTO DG Praises India's Trade Leadership

Earlier, Okonjo-Iweala said that India's rapid economic growth is closely tied to its ability to foster strong trade growth. She also praised Minister Piyush Goyal for his leadership in driving India's trade agreements.

"I'd like to compliment Minister Goyal for the way he's going about the trade agreements for India. India is growing at a very fast rate. Of course, you cannot have good GDP growth without good trade growth," the WTO DG said, speaking to ANI on the inaugural session of the 30th CII Partnership Summit 2025 in Visakhapatnam.

According to data released by the Commerce and Industry Ministry, the cumulative exports (merchandise & services) for April-September 2025 are estimated at USD 413.30 billion, compared to USD 395.71 billion for April-September 2024, representing an estimated growth of 4.45 per cent.

While emphasising the importance of bilateral trade agreements, Okonjo-Iweala also stressed the need to bolster the multilateral trading system, with particular focus on the WTO's role. She expressed a strong desire for India to take a leading role in WTO reforms to enhance its effectiveness in supporting global trade, especially for developing countries. (ANI)

(Except for the headline, this story has not been edited by Asianet Newsable English staff and is published from a syndicated feed.)