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Thinking of organising mini-ministerial of WTO members, says Suresh Prabhu

Speaking at the function, US ambassador to India Kenneth Juster said that good education system, risk taking, healthy capital market and protection of intellectual property rights are key to promote innovation.

By: PTI | New Delhi | Published: January 17, 2018 6:23 pm
Thinking of organising mini-ministerial of WTO members Prabhu said the idea of the meeting is to deliberate upon ways to “create bigger markets”, rather than finding out ground of contentious issues. Express Photo by Prem Nath Pandey

India is considering holding a mini-ministerial meeting of about 40 World Trade Organization (WTO) members to discuss ways to increase global trade, Commerce Minister Suresh Prabhu said on Wednesday. These are days of partnership as working with all trade partners will benefit the world, he said. “We are thinking of organising a mini-ministerial in India sometime in March, wherein we would like to invite friends like the US, Africa and Latin America, about 30-40 of them, and try to find out how we can actually create a new big trade volumes in the world,” he said.

The minister was speaking at the third edition of the geo-political conference, ‘Raisina Dialogue’. Prabhu said the idea of the meeting is to deliberate upon ways to “create bigger markets”, rather than finding out ground of contentious issues. He also informed that his ministry is working on a new trade policy, which benefits global commerce.

On promoting innovation in the country, he said, “we are identifying 6-7 emerging industries” in areas like life sciences, energy and environmental management, with a view to promoting the culture of innovation. He expressed the hope that with the growth in the country’s economy, India’s GDP would touch USD 5 trillion in the coming years. Further, he added that countries should not follow protectionist tendencies and work to increase global trade.

Speaking at the function, US ambassador to India Kenneth Juster said that good education system, risk taking, healthy capital market and protection of intellectual property rights are key to promote innovation. However, citing example of cyber attack, he said innovation can also have negative implications. He also said that open market and free flow of goods help increase in global trade, investments and creation of jobs.

Juster added that the US does not follow protectionist policies and is one of the open economies in the world.

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  1. Nilesh Jain
    Jan 17, 2018 at 6:56 pm
    They told. Every thing stolen from us. We should discard WTO and form different agreements with South America, with Africa, with ASEAN... WTO is just a puppet of US. in the name of WTO US imposes its policies on world. Why is it an obligation to follow WTO policies, if they are not favorable to us and our farmers have to suffer. We should in different agreements with South America, Africa and ASEAN, China.
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