Must counter challenges to multilateral trading system: PM

Prime Minister Narendra Modi on Tuesday said it is important to counter the challenges being posed to the multilateral trading system.

Modi, who met ministers and dignitaries attending the Informal WTO Ministerial Meeting being held here, reiterated India's commitment to a rule-based multilateral trading system, based on the principles of inclusiveness and consensus.

An official release said during the interaction, various aspects related to multilateral trade came up for discussion.

The Prime Minister said that a robust conflict resolution mechanism was one of the key benefits of the World Trade Organisation (WTO).

"The Prime Minister said that it is important to counter the challenges being posed to the multilateral trading system. He noted that decisions taken in the Doha Round and Bali Ministerial Meeting are yet to be implemented," the release said.

It said that Modi re-emphasised the need for a compassionate approach towards the Least Developed Countries.

The Prime Minister expressed satisfaction at the enthusiastic response to India's invitation for the informal meeting and said it was an expression of global confidence in multilateralism and the principles of the WTO.

Commerce and Industry Minister Suresh Prabhu was also present on the occasion.

--IANS

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