Key WTO members to meet in Davos to discuss reform measures

Key members of the World Trade Organization (WTO), including from India and South Korea, will meet on the sidelines of the World Economic Forum summit in Davos on Thursday and Friday to discuss reform measures of the multilateral body, an official said.

Commerce Secretary Anup Wadhawan will represent India in the mini-ministerial meeting of the WTO, the official said.

The meeting move assumes significance in the backdrop of growing protectionism in the global trade, hurting the confidence of the WTO.

Certain members want to further strengthen the 164-member body to make it more effective.

WTO chief Roberto Azevedo had said the US has some concerns on the way the global trade body functions.

The US has stated that the world has changed since the formation of the WTO in 1995 and wants some upgrade and reforms in the Geneva-based body.

Commerce and Industry Minister Suresh Prabhu had earlier stated that India would prepare an agenda for the meeting in consultation with developed as well as developing countries.

According to industry sources, India is expected to present a paper for reforming the WTO.

Duty hike by the US on certain steel and aluminium products has triggered a trade war kind of situation.

The rich nations are forming groupings to prepare ground for pushing new issues such as investment facilitation, preparing rules for e-commerce, promoting gender equality and reducing subsidy on fisheries.

India has been keenly pushing agricultural issues at the WTO.

The talks at the WTO's 11th ministerial conference collapsed after the US went back on its commitment to find a permanent solution to the public food stockholding issue, a key matter for India.