WTO Chief Okonjo-Iweala Praises India’s Trade Initiatives

World Trade Organization (WTO) Director-General Ngozi Okonjo-Iweala praised India’s trade strategy during a recent meeting with Union Minister Piyush Goyal. She highlighted the country’s accelerating economic growth and expanding global partnerships under the leadership of Prime Minister Narendra Modi. Okonjo-Iweala called for India to adopt a more proactive role in multilateral trade discussions to strengthen the global trading system.

During their discussions, Okonjo-Iweala emphasized that while India’s approach to bilateral trade is commendable, it must be balanced with a robust multilateral framework. She pointed out that a strong global trading system is essential for supporting rapidly growing economies, particularly those like India, which are becoming increasingly influential on the world stage.

Calls for Multilateral Leadership

Okonjo-Iweala urged India to assume a leadership position within the WTO, advocating for a collaborative approach to address global trade challenges. She believes that a multilateral framework can better facilitate trade relations among countries and help streamline processes that currently face disruptions.

Addressing the ongoing issue of tariffs imposed by the United States, Okonjo-Iweala reiterated the WTO’s member-driven nature. She noted that despite current global disruptions, India and the US are progressing toward a comprehensive, WTO-compliant free trade agreement. This agreement is seen as a crucial step in enhancing trade relations and ensuring both countries can benefit from mutual cooperation.

Building a Resilient Global Trading System

The WTO Director-General highlighted the importance of building a resilient global trading system. This system should be able to adapt to the needs of expanding economies and respond effectively to emerging challenges. According to Okonjo-Iweala, fostering such resilience will require innovative strategies and collaborative efforts among WTO member states.

India’s trade strategy, characterized by its dynamic approach and focus on bilateral relationships, has garnered international attention. As the world’s fifth-largest economy, India’s development is pivotal for global trade dynamics. Okonjo-Iweala’s commendation reflects a growing recognition of India’s potential to influence trade policies and practices worldwide.

In conclusion, Okonjo-Iweala’s remarks underscore the significance of India’s role in global trade. As the country continues to expand its economic ties, the call for enhanced multilateral leadership at the WTO may pave the way for more effective trade agreements and partnerships in the future.