Urgent Need To Address Supply Chain Disruptions Observed In Wake Of Pandemic And Geopolitical Developments: Piyush Goyal

23 Sep 2022 , 10:41 AM

Commerce and Industry Minister Piyush Goyal called for intensive efforts to save and promote multilateralism while delivering his opening statement at the G20 Trade, Investment and Industry Ministerial Meeting in Bali, Indonesia. He expressed concern that if multilateralism was imperilled, the world would not be left with many forums to promote dialogue and diplomacy and thus free trade would suffer. The Minister reiterated that India stood firmly with the Indonesian Presidency in its efforts to achieve an outcome based on consensus reflecting the collective commitment of all nations for a fair, transparent and rules-based multilateral trading system Emphasizing that India believes that multilateralism is the cornerstone for managing and facilitating global trade, the Minister welcomed the outcomes of WTO MC12. He urged the G20 to commit itself to positive and timely discussions on important areas mandated by the MC12 including WTO reforms and extension of TRIPS waver to cover the production and supply of COVID 19 diagnostics and therapeutics within the agreed timeframe of 6 months. He also asked members to be conscious that our fisheries negotiations and a permanent solution to public stockholding, a permanent solution to e-commerce moratorium amongst other agendas required their urgent attention and decisions. The Minister observed that in the wake of the pandemic and other recent geopolitical developments, the world had witnessed disruptions in supply chains. There was an urgent need to address these challenges, he said.Powered by Capital Market – Live News