Commerce and Industry Minister Piyush Goyal has urged developing and least developed nations to unite and address global trade challenges collectively. Speaking at the 16th session of the United Nations Conference on Trade and Development (UNCTAD) in Geneva on Wednesday, Goyal emphasized the need for the Global South to speak with one voice on issues impacting them.
Goyal highlighted the current volatile state of the global trading system, which is marked by uncertainties and challenges. He noted a "profound trust deficit" across multilateral institutions and nations, with tariff and non-tariff barriers, non-market practices, and over-concentrated supply chains eroding confidence in the system. He also mentioned the dilution of special and differential treatment initially provided when the World Trade Organization (WTO) was established.
The Minister pointed out that unilateral restrictions on technology and services disproportionately affect developing nations. He called for South-South cooperation to find solutions in areas like access to critical minerals and fertilizers, and supply chain management. He suggested that countries of the Global South should collaborate in technical education, research and development, technology deployment and related services to strengthen the foundation of future trade.
Goyal underscored India's vision of a rules-based multilateral system that promotes mutual prosperity, resilience, and inclusive growth for all nations. He highlighted India's progress in digital empowerment and initiatives to promote growth across all sections of society. He mentioned that India has been the fastest-growing large economy, with over 7% average annual growth in the last three years and is now among the world's top five economies. India has also lifted 250 million people out of poverty in the past 12 years.
Furthermore, Goyal emphasized India's commitment to sustainability and climate change mitigation. He stated that half of India's installed power capacity comes from renewables, with plans to double it by 2030. Despite hosting 17% of the world's population, India contributes only 3.5% to 4% of global emissions. He called on developed economies to fulfill their commitments, including providing USD 100 billion in low-cost finance and technology transfers.
Goyal rejected burden-shifting and environmental trade barriers, advocating for a dedicated approach to sustainable development with tailored, actionable solutions. He also promoted conversations across the developing world to share offerings such as payment systems, transactions, transport sharing, and reduced port times, urging collaboration for mutual benefit.
The Minister's call to action comes amid rising anti-globalization sentiments and trade protectionism. The US tariff policy, for example, has impacted 86 countries and could create a domino effect, especially for Global South countries facing economic challenges. The Global South needs to deepen economic and trade cooperation based on mutual support, expand trade and investment, step up technology transfer and knowledge sharing to enhance autonomous development capabilities.
Goyal's address at the UNCTAD session reaffirms India's commitment as a trusted partner in global trade and development. He sees UNCTAD playing a key role in harnessing trade for equitable, inclusive, and sustainable development. He also offered support to developing nations in technology, cooperation, and building resilient supply chains.
