Focus: Mains- GS3-Economy, GS2- International organizations, Governance

Why in news?

The Minister of commerce and industry put forward his view at Raisina dialogues in relation with World Trade Organisation (WTO)

Major Points of dialogue:

  • India believes in Multilateralism and Strengthening World Trade Organisation WTO
  • India has been at the receiving end of unfair trade practices for a very long time and therefore believes in the creation of a far more reformed rules based trading system
  • India is one of the first four countries to pay all its dues to the World Trade Body
  • Trade Policies will have to be people Centric
  • Trade policies that are people centric to be sustainable, to eliminate poverty and raise prosperity levels for all citizens
  • India allows e-commerce companies to work on the marketplace model where buyers and sellers are free to buy and sell and follow the rules of the marketplace and laws of the country which clearly say that FDI in multi-brand retail will only be allowed up to 49%.
  • India is in dialogue with EU and the US to sort out pressing trade issues and further expand engagement with them

Background

  • The Raisina Dialogue is a multilateral conference committed to addressing the most challenging issues facing the global community.
  • Every year, global leaders in policy, business, media and civil society are hosted in New Delhi to discuss cooperation on a wide range of pertinent international policy matters.
  • The Dialogue is structured as a multi-stakeholder, cross-sectoral discussion, involving heads of state, cabinet ministers and local government officials, as well as major private sector executives, members of the media and academics.
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