India wants Bangladesh to combine efforts to make the World Trade Organization (WTO) a far stronger, efficient and dynamic body, and support global trade without compromising its core principles.
“We’ll work together to make the WTO a far better organisation and far efficient organisation without compromising its core principles,” said Indian Commerce, Industry and Civil Aviation Minister Suresh Prabhu.
He made the remarks while talking to reporters at state guesthouse Padma in the city after his bilateral meeting with his Bangladesh counterpart Tofail Ahmed.
Suresh laid emphasis on working together by all the developing countries to create a vision, agenda or work plan for the WTO to make it more dynamic and more efficient without compromising core principles of the WTO. “That’s very important.”
The Indian minister said the developing countries should not lose out only because some countries already have got benefited.
He hoped that Bangladesh will provide necessary support towards the idea of making WTO a far better organisation as WTO is a democratic organisation by nature.
The ministers expressed concern that the global trade and economic situation is at a critical stage due to the ongoing trade tensions in which developing countries and LDCs suffer consequential collateral damage, according to a joint statement.
Keeping this view in mind, they reiterated their commitment to the rule-based multilateral trading system that ensures free, fair and open global trade for achieving sustainable economic growth and development.
Recalling the successful WTO Mini Ministerial Meeting held in New Delhi in March 2018, the ministers called for collective actions for revitalising the WTO without undermining its core principles of special and differential treatment, consensus building, inclusiveness and transparency.
The Indian minister invited Bangladesh to become partner of the Partnership Summit to be held in India on January 15, 2019.
He said it is a signature event and Bangladesh can look at possibilities of getting more investment from India.
Suresh Prabhu said the meeting with Tofail was probably one of the best bilateral talks they had together as each party talked very frankly.
The Indian Minister of Commerce, Industry and Civil Aviation arrived here on Monday evening on a five-day visit to Bangladesh.
He will meet President Abdul Hamid on Thursday and is scheduled to leave Dhaka on Friday morning.
The minister will also have another meeting with Awami League General Secretary and Road Transport and Bridges Minister Obaidul Quader on Thursday evening.