WTO, Mins call for inclusive trade, better domestic policies

Amid a debate on the future of globalisation, WTO and trade ministers from various countries, including India, today called for greater engagement at global level and push for inclusive growth with better domestic policies without resorting to trade barriers.
Underlining that trade barriers would actually destroy jobs rather than creating them, they observed that increase in trade globally has led to higher economic growth and greater employment generation.
Swiss Economic Affairs Minister Schneider Amman said the meeting focussed on trade issues and other matters.
First, ministers noted that protectionism is not the right approach for trade and it should be made more inclusive.

They also emphasised the need to build on successes of last two ministerial meetings and ministers have agreed to increase their engagement levels.
"We went through a very intensive and constructive meeting to prepare for the December meeting in Beuones Aires," he said.

Amman was speaking at a press conference here at WEF after an informal ministerial meeting of WTO attended by representatives from 29 countries, including from India, ahead of the next ministerial meeting in Argentina.
Commerce and Industry Minister Nirmala Sitharaman, Chinese Vice Minister of Commerce Shouwen Wang, EU's Commissioner for Trade Cecilia Malmstrom, Brazil's Vice Minister for Economic and Financial Affairs Amb Carlos Cozendey and Japanese State Minister for Foreign Affairs Kentaro Sonoura were among the participants.

WTO's Director General Roberto Azevedo said 2017 is an important year for WTO and clearly trade is very high on agenda here at WEF and it has helped revive growth as well as create jobs.
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According to Azevedo, global rules provide for checks on unfair trade practices today.
The WTO is beginning the year on positive note as the trade facilitation agreement is on course to come into force. Today we got Nigeria approval and expect more going ahead to bring it into force, he said.
When asked whether he was worried about Donald Trump administration proving to be detrimental for the global trade talks, Azevedo said, "I am worried 24 hours a day because I have challenges all the time but good thing is there are also opportunities".

Hoping that the US will play a conducive role, he said, "let's wait what kind of trade policies are going to shape up under the new administration".
Trump will be sworn in as the 45th US President today.
On a new proposal from EU and Canada regarding a new multilateral investment dispute settlement mechanism, Azevedo said this new idea came up this morning at a separate informal meeting just before the WTO meet and many ministers wanted to know about it.
There are also some who expressed concern about it and a few even appeared ready for it, he added.

However, the final view was that we have heard this idea and we will think about it and discuss without any concrete proposal to decision being reached.
Sitharaman was also present at that meeting.