Union Commerce and Industry Minister Piyush Goyal briefed the media today on the outcomes of the 14th Ministerial Conference of the World Trade Organization (WTO), which was held in Yaoundé, Cameroon, from the 26th to the 29th of the previous month.
Speaking to the media in New Delhi, Mr. Goyal said that the four-day conference featured intensive discussions on key global trade issues, including WTO reforms, fisheries subsidies, investment facilitation for development, e-commerce, agriculture, and other developmental concerns. He announced that three key decisions were made during the conference, including measures aimed at strengthening the integration of small economies into the multilateral trading system, with a focus on improving trade logistics, connectivity, and border processes to enhance their participation in global trade.
On broader trade principles, Mr. Goyal emphasized that India strongly reiterated the importance of the Most Favoured Nation and Special and Differential Treatment principles. He also noted that India advocated bridging the digital divide in the e-commerce domain by strengthening digital infrastructure and skill development in least-developed and developing countries. Regarding agriculture, the Minister said that India has reiterated the need for a permanent solution on public stockholding for food security purposes and a Special Safeguard Mechanism to protect farmers' interests.
Referring to fisheries subsidies, the Minister said that discussions focused on addressing overcapacity and overfishing, with consensus among member countries on promoting sustainable practices. He emphasized that India has consistently followed sustainable fishing methods and remains committed to supporting small and artisanal fishermen. He added that the government is monitoring fishing capacities to curb overexploitation and is seeking an adequate transition period to further develop its fisheries sector.