>New Delhi, Oct 22 (UNI) India has underscored its vision of a rules-based multilateral system that fosters mutual prosperity, resilience and inclusive growth for all nations and emphasised the need for Global South to speak with one voice.
Commerce and Industry Minister Piyush Goyal, addressing the 16th Session of the United Nations Conference on Trade and Development (UNCTAD) in Geneva, highlighted critical global challenges which, he said, erode trust in multilateral institutions and rules-based trading system. Issues include non-market practices, tariff and non-tariff barriers, over concentration of supply chains at source and demand sides.
Other challenges include dilution of special and differential treatment and unilateral environment measures apart from technological divide with restrictive controls. Restrictive policies have hit the services sector. In this, developing countries suffer the most, he asserted.
Underscoring India’s transformation into one of the top five economies globally, he said India has been the fastest-growing large economy with over 7 percent average annual growth over last three years. The nation doubles its economy every eight years.
He said India is taking measures against climate change impacts and contributes only 3.5 percent to global emissions despite hosting 17 percent of the world’s population. However, developed countries have not fulfilled Paris commitments including providing 100 billion USD in low-cost, long-tenure finance and technology transfers, he said.
He rejected burden-shifting or environmental trade barriers and stressed a dedicated approach to sustainable development. This includes tailored, actionable solutions.
Calling for South-South cooperation for genuine solutions, the Minister said areas may include access to critical minerals and fertilizers and supply chain management. India bridges the technological divide via digital public infrastructure which empowers millions.
Highlighting India as a pioneer, trusted by developing countries and developed world alike for its independent policies, growth and commitment to progress, he said UNCTAD can play a key role in harnessing trade for equitable, inclusive, sustainable development.
The Minister offered support to developing nations in technology, cooperation and building resilient supply chains. Trade serves as a development tool. Together, nations can build a future for all. This embraces “Sabka Saath, Sabka Vikas, Sabka Vishwas, Sabka Prayas”—development for all with trust and effort. India believes in “Vasudhaiva Kutumbakam,” the world as one family.
At the Ministerial Roundtable on “Towards Resilient, Sustainable, and Inclusive Supply Chains and Trade Logistics,” the Minister emphasized India’s self-reliance under Atmanirbhar Bharat, particularly in medicines and COVID vaccines while fostering trading relations built on trust and reliability.
He highlighted the trillion-dollar master plan, including about 130 billion USD annual investments in domestic infrastructure. Key advancements include expanding airport capacity from 74 to 158, enhancing rail, road and inland waterways for a robust internal transport network, strengthening the manufacturing system and establishing India as a trusted partner globally, with projections for continued fastest growth over coming decades.
He also advocated conversations across large parts of the developing world to share offerings such as payment systems, transactions, payments, transport sharing and reduced port times, urging developing countries to collaborate and work together for mutual benefit.
On the sidelines, the Minister held bilateral meetings to strengthen international partnerships.
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