India Calls for Global South Unity Against International Trade Barriers: Piyush Goyal at UNCTAD

New Delhi:

India urged developing and least developed nations on Wednesday to unite in addressing global trade challenges, including tariff barriers, unilateral environmental restrictions, and obstacles in the services sector.

During the 16th session of United Nations Conference on Trade and Development (UNCTAD) in Geneva, Commerce and Industry Minister Piyush Goyal emphasized, "It is time for the Global South to speak with one voice on concerns that impact all of us."

He described the current global situation as volatile, characterized by numerous uncertainties, challenges, and ambiguities in the international trading system.

"We are living in a world marked by a profound trust deficit, whether in multilateral institutions, different international bodies, amongst nations, and multiple critical challenges confront us almost on a daily basis. These challenges are multifaceted."

"It could be the erosion of confidence in the rules-based trading system, a lot of non-market practices coming into play, tariff and non-tariff barriers to free trade. There is over-concentration of supply chains, both at the source and at times on the demand side," Goyal stated.

He further noted the dilution of special and differential treatment that was originally provided to developing countries and LDCs when the World Trade Organisation (WTO) was established.

The minister also highlighted concerns regarding barriers such as unilateral environmental restrictions (carbon tax) being introduced by certain countries and regions, technologies dividing the world, and restrictive policies and barriers in the services sector.

These issues "are all out there in the open for all of us to see and make an effort to address," he remarked.

He emphasized that these challenges primarily affect developing and less developed nations because "they have a development agenda. They are looking for growth. They are looking to come out of poverty. Many countries are looking to provide a better quality of life for their people."

In this uncertain environment, Goyal noted that efforts to eliminate poverty and meet the Sustainable Development Goals become casualties. "I think we all need to have a reset, a new way to address these challenges."