India and 24 other ministers of the World Trade Organisation (WTO) will hold an informal meeting here on Tuesday to discuss key pending issues before the global trade regulating body as preparations for the next ministerial meeting in 2026 gets underway.
The Indian side will be led by minister of commerce and industry Piyush Goyal who is here to attend the Organisation for Economic Cooperation and Development (OECD) Ministerial Meeting that will be held on June 3-4.
“At this crucial forum (WTO meeting), the minister will engage with global counterparts on key multilateral trade issues and articulate the perspectives and priorities of India, a commerce ministry statement said. The issues at the informal WTO meeting are expected to centre around fisheries subsidies, dispute settlement and investment facilitation. While India has signed the first part of the fisheries agreement that aims to limit deep water shipping but has not ratified it.
India has been seeking appropriate and effective special and differential treatment (S&DT) for its small scale fishermen and to keep the policy space for development of its fisheries sector. It seeks complete exemption for small-scale and artisanal fishing of low income, resource poor or livelihood nature when conducted in either 12 or 200 nautical miles from the baseline or shore. Meanwhile discussions have already begun on the second phase of fisheries agreement.
Inclusion of Investment Facilitation, which was based on a push by China, has also been opposed by India in the past.
The dispute settlement system of the WTO is in limbo as its appellate body does not have the full strength because appointment of new members has been blocked by the US. At the 13th Ministerial Meeting it was decided to have a fully functional dispute settlement system in place by 2024. While a lot of discussions have taken place among members, no breakthrough has come.
The theme of the OECD meeting this time is “leading the Way towards Resilient, Inclusive and Sustainable Prosperity through Rules-Based Trade and Investment and Innovation.
Apart from OECD and informal WTO ministers’ meetings, Goyal will also be holding bilateral discussions with trade and economic ministers of India’s key trading partners.
Goyal has meetings planned with key European Union (EU) officials including Maroš Šefčovič, Commissioner for Trade and Economic Security, Interinstitutional Relations and Transparency and Christophe Hansen, European Commissioner for Agriculture and Food.
These meetings will provide significant impetus to India-EU FTA negotiations which are happening at a fast pace and are expected to be concluded by the end of this year. Both sides are also examining signing an interim deal by July to speed up the flow of benefits of liberalised trade to their businesses.
Goyal will also hold bilateral meetings with French Ministers Minister of Economy Eric Lombard and Trade Minister Laurent Saint-Martin. “The discussions will focus on strengthening the Indo-French economic partnership and exploring new avenues for enhancing trade and investment cooperation,” a commerce ministry statement said.
His meetings are also scheduled with United Kingdom’s Secretary of State for Business and Trade Jonathan Reynolds, Singapore’s Deputy Prime Minister and Minister for Trade and Industry Gan Kim Yong and Saudi Arabia’s Minister of Commerce Majid bin Abdullah Al-Kasabi.
The minister will also engage with Israel’s Minister for Trade and Investment Nir Barkat, Nigeria’s Minister for Trade, Industry and Investment Jumoke Oduwole OON; and Brazil’s Foreign Minister Mauro Luis Iecker Vieira.
“These dialogues are aimed at advancing strategic economic cooperation and fostering mutually beneficial partnerships across regions. These engagements reflect India’s ongoing efforts to strengthen bilateral and multilateral partnerships, and position itself as a pivotal player in global trade and investment,” the statement said.
In Paris the minister will also meet top leadership of major French companies like Vicat, Total Energies, L’Oréal, Renault, Valeo, EDF and ATR. The India-France Business Roundtable and the India-France CEO Forum are also on agenda during the visit..
Following his engagements in France, Goyal will visit Italy.