Tuesday, May 24, 2022
HomeBusinessIndia, Germany commit to reform of WTO

India, Germany commit to reform of WTO

Berlin, May 2 (PTI) India and Germany on Monday committed to reform the World Trade Organization (WTO) in order to strengthen its working and principles.

The 6th India-Germany Inter-Governmental Consultative Meeting, co-chaired by Prime Minister Narendra Modi and German Chancellor Olaf Scholz, emphasized the need for reforming the WTO.

Both sides also expressed their support for the negotiations between the European Union and India on the Free Trade Agreement, the Investment Protocol Agreement and the Geographical Indication Agreement.

According to a joint statement issued after the meeting, the two countries also stressed the immense potential of such agreements to enhance bilateral trade and investment.

Both India and Germany emphasized the importance of free, fair and inclusive trade based on rules, saying that the WTO has an important place as the center of the multilateral trading system and it is a central pillar of bringing developing countries into the global trading system.

“Both governments are committed to reforming the WTO in order to strengthen its principles and functioning,” the statement said. Especially while maintaining the autonomy of the appellate body, it is important to keep it two-tier.

The appellate body hears appeals on issues raised by WTO member states. Due to the vacancy in this seven-member body, it is currently unable to hear the appeals.

,

Html code here! Replace this with any non empty raw html code and that's it.
AUTO
MOBILE
TECH NEWS

Entertainment

Most Popular