Goyal calls for collective effort of Global South
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New Delhi: India on Wednesday called on developing and least developed nations to collectively work to address global trade challenges such as tariff barriers, unilateral environmental restrictions, and hurdles in the services sector.
Addressing the 16th session of United Nations Conference on Trade and Development (UNCTAD) in Geneva, Commerce and Industry Minister Piyush Goyal said: “It is time for the Global South to speak with one voice on concerns that impact all of us”.
He said the world is currently volatile, marked by numerous uncertainties, challenges, and ambiguities in the global trading system.
“We are living in a world marked by a profound trust deficit, whether in multilateral institutions, different international bodies, amongst nations and multiple critical challenges confront us almost on a daily basis. These challenges are multi-faceted.
“It could be the erosion of confidence in the rules based trading system, a lot of non-market practices coming into play, tariff and non-tariff barriers to free trade. There is over-concentration of supply chains, both at the source and at times on the demand side,” Goyal said.
