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Developed nations make many promises on development issues in WTO, but very little action: India.

Date: 29-02-2024
Subject: Developed nations make many promises on development issues in WTO, but very little action: India
India on Wednesday said that the developed nations in the WTO have made many promises on issues pertaining to development but "very" little action happens on those matters.

India also said that the developing countries urgently need flexibility in existing rules so that infant and young industries in these countries get support in terms of conducive policies, incentives, subsidies and level playing field.

In the working session on Development, India highlighted that historically, on the issue of development, there has been no dearth of promises made by developed countries, with each ministerial churning "lofty" ideas.

"There have been many promises, but very little action, on account of which the vulnerabilities of the developing countries including the LDCs (least developed countries) have only amplified further," the commerce ministry said.

India on Wednesday objected to consideration of new issues for ministerial mandates unless past decisions and unfulfilled mandates were acted upon.

While the world is battling multiple crises such as debt and balance of payment, the WTO itself is confronting serious challenges both from within and outside.

"As a consequence, the developing countries including the LDCs, are not only expending their limited resources fighting these global challenges but also defending their interests in this multilateral forum," it said.

The country also asserted that in their journey of industrialisation, the developed countries have used and benefited from all policy tools available and are still utilising them for their new industries.

"The irony was that now, these very same members were kicking the ladder away," it added.

Source Name : Economic Times

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