Five-day meet to prepare for WTO begins Monday

New Delhi: Unilateral protectionist trade measures such as the EU's Carbon Border Adjustment Mechanism (CBAM) and ways to renew discussions on India's interest areas such as lowering the cost of remittances and creating a pool of professionals at the World Trade Organization (WTO) would be taken up at a five-day long brainstorming conclave that the commerce department will hold next week.

Consultations with various ministries and industry on specific trade concerns to be raised at the WTO before its 14th ministerial conference are also planned, officials said.

New Delhi has pushed for promoting interoperability and interlinkages of digital payment infrastructures including fast payment system to lower transaction costs which are key to reduce inequality within and among countries especially in developing countries such as India. The global average cost for sending remittances is 6.18%, more than twice the SDG target to lower them below 3%.


"The current state of play and proposals of members under discussion on issues related to trade barriers, TRIPS and WTO reforms and dispute settlement will be taken up," said an official.

Talks on China-led Investment Facilitation for Development agreement, which India is opposed to as it is outside the ambit of the WTO and dilutes the multilateral nature of the organisation, will also figure in the discussions from August 19-23.

A strategy on India's long standing demand on permanent solution for public stockholding for food security, Special Safeguards Mechanism to check sudden spike in imports and Fisheries Subsidies Agreement would be discussed at the retreat.