India Stands Firm Against WTO Investment Agreement
India has opposed China's Investment Facilitation for Development (IFD) proposal at the WTO, arguing it risks undermining the organization's foundational principles. Commerce Minister Piyush Goyal highlighted India's commitment to comprehensive discussions as part of WTO reform efforts, emphasizing the importance of truth over conformity and engagement in good faith.
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India has made a bold move by opposing the China-led Investment Facilitation for Development (IFD) Agreement, which is proposed to be part of the World Trade Organisation (WTO) framework. Commerce and Industry Minister Piyush Goyal expressed concerns over the agreement, stating that it could weaken the core principles of the WTO.
The declaration was made during the 14th Ministerial Conference of the WTO in Yaounde, Cameroon. Highlighting the spirit of resistance, Goyal invoked Mahatma Gandhi's philosophy of truth prevailing over conformity, noting India's willingness to stand alone against the contentious IFD Agreement.
Goyal emphasized India's openness to earnest discussions and constructive engagement as part of the WTO's reform agenda. With a focus on legal safeguards for plurilateral agreements, India continues its opposition, having also voiced its objections at the previous WTO Ministerial Conference in Abu Dhabi.
(With inputs from agencies.)
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