Tatsat Chronicle Magazine

WTO Reassessment Called Forth: Union Minister of Commerce and Industry

November 19, 2021

The World Trade Organization or the WTO as it has been known, has been closely linked with the Ministry of Commerce and Industry of the country or any nation around the world. This organization is a part of the United Nations or the UN and it is known to regulate the trade practices for various nations and between these nations, as well as the various sectors all over the world. Recently, with a number of global and UN based events like the Cop26 and the G20 Summit, there has been a wider and more concrete call for action as far as sustainable development goes.

Now, this has been reiterated by the Union Minister for Commerce and Industry, Piyush Goyal, who says that the WTO needs a seriously relook and a hard analysis of the way it has been conducting its plans and policies in the face of wider threats to the world including loss of sustainable development and climate change. This comes in the wake of the comments made by PM Modi at the Cop26 Summit where he mentioned that up skilling through education and a greater focus on trade would be parts of the sustainable development plan for the post pandemic story that he would want to create for India with his governance and the government.

This also comes in tandem with the news that the UN Secretary General has made many sweeping remarks about how more concrete climate change goals and commitment would be required from the member nations who sat through the G20 and Cop26 summits, even as he chalked out a process of connecting the dots between poverty and sustainable development in order to put an end to the conflict and chaos that is being seen in many quarters of the world. Accordingly, Minister Goyal called upon the WTO to enhance and reassess its policies.