The World Trade Organisation should continue with its good work of stemming protectionism and India will work with this multilateral body to move in that direction, Commerce and Industry Minister Nirmala Sitharaman has said.
"WTO had made every effort to stem protectionism. It should continue to stand up to protectionism", Sitharaman said at a special Plenary at the CII Partnership Summit 2015 at Jaipur on Friday.
This special plenary was held to mark the two decades of existence of the WTO.
Starting on January 1, 1995 with 127 members, the WTO has significantly expanded in the two decades of its existence with as many as 160 members and accounting for 98 percent of the global trade.
In her address, Sitharaman urged the WTO to be more responsive to the needs of the developing countries and least developed countries, who account for minuscule share of less than 1 per cent of the global trade.
INDIA's CONCERN
Sitharaman also expressed concern about attempts being made by certain countries to equate only free trade to development.
"Trade is an important instrument (for development). But only free trade cannot be equated to development. Development encompasses of other things also and not just trade", Sitharaman said.
Development was at the core of the Doha Development Agenda and it must remain at the centrestage, she said, noting that WTO's future work programme must factor in the point that prosperity of few cannot be achieved at the misery of many.
Later, WTO Director General Roberto Azevedo told BusinessLine that he agreed with the Indian position that trade cannot be the only element affecting development of countries.
"She (Nirmala Sitharaman) is absolutely right. Trade is not the only element affecting development, there are many elements that affects the development of countries. It would also be wrong to say that trade does not play a part.
While trade is not the only element that must be looked into, it is clearly one important element of the development debate", Azevedo said.
He also made it clear that it was not for the WTO (the organisation) but its members who have to find the right balance.