India urges swift revival of WTO dispute system to protect fair trade rules: Piyush Goyal

Commerce and Industry Minister Piyush Goyal on Sunday said that finalising and restoring a dispute resolution mechanism of the World Trade Organisation (WTO) quickly is important to maintain the core philosophy of the Geneva-based multi-lateral body.

He said that a mini-ministerial meeting of the WTO will be held on June 3 where trade ministers of all the major economies would discuss ways to strengthen the multilateral trading systems, WTO reforms, and work towards open and expansive international trade .

"It is very important that we finalise and restore a dispute resolution mechanism quickly so that the principles of the WTO can be adjudicated upon and justice can be delivered," he told reporters here.


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Goyal is here on a two-day visit. He will held meetings with French leaders and business representatives to boost trade and investments between the two countries.

It is also important for the WTO member countries to discuss non-trade barriers, maintain special and differential treatment principles, and the principles of consensus.

These, he said, are important to make WTO a much more future and forward looking and inclusive organisation.

Since 2009, WTO's dispute settlement mechanism is not functioning properly as the US has stalled appointments of members in the appellate body.

The minister further informed that he will be meeting CEOs of several French firms and encourage them to invest in India besides offering them the opportunity of leveraging the large Indian market of 140 crore people.

"During the course of the visit, I will also be inviting several French large finance companies and wealth funds to invest in India... (in) banks, pension and insurance companies, equity funds, hedge funds... and I do hope to see significant growth in this area," he said.

The sectors where both sides can enhance cooperation include defence, space, green technologies for sustainable growth, clean-tech, mobility and smart manufacturing.

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"India is very grateful to France for the strong support and solidarity that France expressed when there was a terror strike at Pahalgam," he said, adding there are nearly 1,20,000 Indians living here who act as a bridge between India and France.

He also said that the Swaminarayan temple which is coming up near Paris is another beautiful work of art that will present Indian culture, Indian history to Europe.

"In fact Louvre has entered into a MoU... a collaboration with India to help us make the world's largest museum -- Yuga Yugen Bharat National Museum," Goyal said.

It is coming up at the north block and south block complex with government offices shifting to modern, efficient premises.