multilateral trading system

Finance Minister Nirmala Sitharaman presented the Union Budget 2026-27 in Parliament on February 1, 2026 with a focus on driving economic growth and making India a developed country by 2047, under the Viksit Bharat vision.

India's External Affairs Minister S. Jaishankar urged BRICS nations to find practical solutions to geopolitical crises, emphasizing the threat to global energy and economic security from West Asian tensions. He stressed dialogue, diplomacy, and respect for sovereignty, while also highlighting concerns over unilateral sanctions, terrorism, and the need for UN Security Council reform.

The CEA’s words could not be more direct and the situation the world’s sixth largest economy faces is by no means small. Several macroeconomic indicators are in focus; inflation, health of the current account, and the exchange rate.

RBI is not alone in repatriating its gold reserves. Several central banks like France’s Banque de France, Germany’s Deutsche Bundesbank, Serbia’s National Bank have done the same - buy why?

Washington isn’t interested in being a guarantor of anything, including energy supplies. New Delhi’s strategic response must centre around the one energy source it has in abundance

South Korean President Lee Jae Myung emphasized close collaboration with India as emerging global leaders amidst geopolitical uncertainty. He highlighted shared values and complementary economies, advocating for upgraded trade agreements, defense industrial cooperation, and joint ventures in critical minerals and shipbuilding to foster mutual growth and innovation.

India is well-positioned to navigate global energy shocks due to strong forex reserves, fiscal space, and a robust banking system, according to the World Bank. The institution projects an average growth of 7.1% for FY28-FY29, also highlighting the potential of recent trade agreements with the EU and UK to boost exports and household incomes.

India is strategically vital to the Indian Ocean Region, a critical artery for global trade and energy. The Indian Navy actively safeguards these waters, countering piracy and ensuring maritime security through initiatives like MAHASAGAR. This approach fosters regional cooperation and strengthens India's role as a key security partner, demonstrating its growing influence.

WTO chief Ngozi Okonjo-Iweala acknowledged disruptions to the multilateral trading system and urged India to support China-backed investment facilitation, despite India's opposition. She emphasized India's leadership role for the upcoming MC14, particularly in agriculture, while highlighting the need to address India's concerns in that sector. Reform discussions are anticipated at the mini-ministerial meeting.

Addressing the Shanghai Cooperation Organisation (SCO) Summit, PM Modi said that unilateralism and protectionism have not benefited anyone. "..We need a rule-based, transparent, anti-discriminatory, open and all-inclusive WTO-centred multilateral trading system focused so that the interests of every country especially the developing ones can be taken care of," he said.

Pascal Lamy is seeking a second term as World Trade Organization director-general, saying "much remains to be done" to conclude global trade talks and to improve the multilateral trading system.

Against the backdrop of raging global trade tensions, a clutch of countries — including India, China and South Africa — asserted on Tuesday that an inclusive multilateral trading system based on equality and mutual respect should ensure that all World Trade Organization (WTO) members abide by rules and reject any form of protectionism.

India and other SCO members voiced opposition to unilateral economic measures that undermine the UN Charter, international law, and WTO principles, impacting the global economy and security. PM Modi emphasized SCO's role in promoting multilateralism and welcomed the statement supporting the multilateral trading system. The declaration highlighted the importance of fair trade practices and sustainable development within the SCO region.

China has declared it will no longer seek special treatment as a developing nation in future WTO negotiations, a move hailed by the WTO as a step towards a fairer global trade system. Premier Li Qiang stated this decision reflects China's responsibility and commitment to addressing challenges within the multilateral trading system.

India, Brazil, and South Africa (IBSA) criticized unilateral tariffs and coercive trade measures, labeling them discriminatory and inconsistent with WTO rules. They warned such actions destabilize global markets and undermine the rules-based trading system, citing recent US tariffs. IBSA urged urgent restoration of the WTO's dispute settlement system and emphasized free agricultural trade.

Premier Li Qiang announced China will forgo developing nation benefits at the WTO, a move welcomed by Director-General Ngozi Okonjo-Iweala. This decision comes amid shifting export patterns due to US tariffs and aims to potentially improve trade relations with the US.

NEW DELHI: India said on Thursday the recent US action inceasing subsidies to farm products does not augur well for the future of the multilateral trading system and raises doubts about the ongoing negotiations.

WTO Chief Ngozi Okonjo-Iweala met Japanese Prime Minister Shigaru Ishiba. She highlighted the crisis in global free trade. Okonjo-Iweala urged Japan to champion open markets. This comes amid the trade disruptions by U.S. President Donald Trump. The U.S. and China agreed to tariff cuts for negotiations. Japan seeks a deal with the U.S. on tariffs.

World Trade Organization (WTO) director general Ngozi Okonjo-Iweala is seeking support for the institution and reform of the dispute settlement body at the G20 Summit. She emphasizes the importance of the multilateral trading system in solving global problems such as food security and climate change. Okonjo-Iweala also advocates for "re-globalization" by mining and processing critical minerals in Africa and Latin America to create jobs and increase resilience in the trading system.

New Delhi, Jun 4 () Unilateral trade restrictive actions by some developed countries could derail the fragile global economic recovery which would have implications on job scenario, Commerce and Industry Minister Suresh Prabhu has said.

President Xi Jinping has criticized tariffs. He said that tariffs undermine the global economic order. This statement comes amid tensions between China and the United States. Earlier, Donald Trump imposed tariffs on Chinese imports. China retaliated with duties on American goods. China opposes deals at its expense. Foreign Minister Wang Yi urged the UK and EU to defend multilateral trade.