Important to counter challenges of multilateral trading system: PM Modi

Prime Minister Narendra Modi on Tuesday stressed on the need to counter the challenges being posed to the multilateral trading system.

While attending an informal World Trade Organisation (WTO) Ministerial Meeting in the national capital, the Prime Minister reiterated India's commitment to a rule-based multilateral trading system, based on the principles of inclusiveness and consensus.

"The deliberations at the Informal WTO Ministerial Meeting would have been constructive and a robust conflict resolution mechanism is one of the key benefits of the WTO," said the Prime Minister.

He noted that decisions taken in the Doha Round and Bali Ministerial Meeting are yet to be implemented.

The Prime Minister re-emphasised the need for a compassionate approach towards the Least Developed Countries.

Expressing satisfaction at the enthusiastic response to India's invitation for the informal meeting, the Prime Minister said that this is an expression of global confidence in multilateralism, and the principles of the WTO.

Apart from this, during the interaction, various aspects related to multilateral trade were also discussed.

India's initiative in hosting the Ministerial meeting was also appreciated by the several ministers

Several Ministers and Senior Dignitaries attended the meeting.

Apart from this, Minister for Commerce and Industry, Suresh Prabhu, was also present here on the occasion.