Visakhapatnam: World Trade Organization Chief Ngozi Okonjo-Iweala on Friday said India should take the leadership role in reform process at the WTO amid growing uncertainties at global trade front.
She said that India’s economy is growing at a healthy pace and it is a leader in areas such as technology.
She said that there is a need to look at areas in the WTO which are not working and discuss ways to correct that.
“’...and here India can be a leader, India should be a leader in the reform process at the WTO India should be a leader in making sure that we do not stay in a system that becomes more power based instead of rules based,” Director-General of the World Trade Organization (WTO) Ngozi Okonjo-Iweala said here at CII’s partnership Summit 2025.
She added that India is a fast growing economy and has the scale and credibility to provide leadership not just in this region but globally.
Referring to high tariffs imposed by the US, she said the member nations should pay attention to the concerns flagged by America.
India too has flagged concerns on issues like public stockholding, she said, adding repeating past grievances will not help to build a strong global trading system.
She appealed to all the members of the WTO to work together to strengthen the global trading system.
The US has raised concerns over the way WTO arms are functioning and has called for reforms in the WTO including in its dispute redressal mechanism.
WTO is a 166-member Geneva-based multilateral body that deals with trade related issues. India has been a member since 1995.
The WTO also said that a country may need bilateral trade agreements to push their growth but “you also need a multi-lateral system to move forward.
“That is why the WTO is important,” she said, adding the world is witnessing huge disruptions in global trade at present.
“My message to you is that despite that, the global trading system remains resilient,” Ngozi said, adding that 72 per cent of world trade is still happening under WTO rules, which proves stability and predictability.
She added that there is a need to work together on reforms, “and that work needs a great deal of reforms of the multilateral trading system and the WTO”.
Further she said that the unilateral tariff rise by the US is dramatic, but “we must listen to what they say” about tariff barriers, non-tariff issues, lack of transparency in the system and unfair trading practices by certain countries.
“I think we need to pay attention to their complaints, (otherwise) we will miss the opportunity to take care of them,” she said.
Besides the US, developing countries like India too have flagged concerns on the multilateral trading system, the WTO chief said.
She added that the current global uncertainties provide opportunities as well.
“I feel uneasy and concerned about it (the global disruptions)...but the global trading system is still working on WTO rules,” she said, adding countries should diversify from their overdependence on the US or China. She said, India is a big beneficiary in this diversification of global supply chains.
On e-commerce moratorium, she expressed hope that it can be further extended in the 14th ministerial conference, scheduled in March next year.