Experts Advocate Dual-Track Trade Strategy for India at WTO
India should adopt dual-track trade strategy at WTO, say experts
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Experts recommend that India adopt a dual-track trade strategy at the World Trade Organisation (WTO), balancing its commitment to multilateralism with selective participation in plurilateral initiatives. This approach aims to protect developing countries' interests while engaging in discussions that align with India's economic goals.
- 01India should adopt a dual-track approach to trade at the WTO.
- 02The dual strategy involves upholding multilateral principles while engaging in selective plurilateral initiatives.
- 03Concerns exist that plurilateral agreements may weaken the multilateral trading system.
- 04The 14th WTO Ministerial Conference highlighted divides between multilateralism and plurilateralism.
- 05Experts emphasize the need for coalition-based approaches to revitalizing multilateralism.
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During a seminar in New Delhi on May 5, experts discussed India's trade strategy at the World Trade Organisation (WTO), advocating for a dual-track approach. This strategy would involve maintaining commitment to the multilateral trading system while selectively engaging in plurilateral initiatives that align with India's economic interests. The seminar, organized by the Chintan Research Foundation (CRF) and the Indian Council for Research on International Economic Relations (ICRIER), highlighted concerns that plurilateral agreements could undermine multilateralism, particularly affecting developing countries. CRF President Shishir Priyadarshi noted the need for India to recalibrate its approach, especially given the increasing influence of plurilateral discussions in shaping global trade. The 14th WTO Ministerial Conference, held in Yaounde in March, underscored significant divides in the global trading landscape, prompting calls for pragmatic, coalition-based approaches to strengthen multilateralism while adapting to geopolitical realities.
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This dual-track strategy could enhance India's participation in global trade discussions, potentially benefiting its economy and trade relationships.
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