New Delhi: Commerce Secretary Sunil Barthwal emphasised the need to strengthen the multilateral trading system during the 14th BRICS Trade Ministers’ Meeting held on 26 July.
The meeting, which was held under the Russian Federation’s BRICS Presidency, saw the participation of the new members of BRICS (Iran, Egypt, Ethiopia, and UAE).
In his address, the Commerce Secretary emphasised the need for collective efforts to find a solution to the long-pending issues of WTO. He stressed the urgent need for resolving the issues including the permanent solution to Public Stock Holding, the constitution of a two-tiered Dispute Settlement system, and WTO Reform to be based on the principles and objectives of WTO.
Barthwal also emphasised the need for strengthening the supply chain through decentralisation and diversification, furthering cooperation in value chains through the G20 generic Mapping framework for GVCs, and enunciating guiding principles for collaboration. He also called for digitalisation of documents and other steps to make access to affordable emerging technologies possible for green transition and climate resilience.
The Commerce Secretary expressed concern about the impact of climate-related unilateral measures on trade. He highlighted that such measures can nullify rights and obligations under specialised Multilateral Environmental Agreements and violate the CBDR principles.
He also emphasised the importance of cooperation and collective efforts for outcome-oriented support for MSMEs in the BRICS member countries. He highlighted the need to focus on key areas such as exploring cooperation in the areas of research and development, technology transfers, and joint Ventures, as well as business development opportunities.