multilateral trading system

India's External Affairs Minister S. Jaishankar urged BRICS nations to find practical solutions to geopolitical crises, emphasizing the threat to global energy and economic security from West Asian tensions. He stressed dialogue, diplomacy, and respect for sovereignty, while also highlighting concerns over unilateral sanctions, terrorism, and the need for UN Security Council reform.

The CEA’s words could not be more direct and the situation the world’s sixth largest economy faces is by no means small. Several macroeconomic indicators are in focus; inflation, health of the current account, and the exchange rate.

RBI is not alone in repatriating its gold reserves. Several central banks like France’s Banque de France, Germany’s Deutsche Bundesbank, Serbia’s National Bank have done the same - buy why?

Washington isn’t interested in being a guarantor of anything, including energy supplies. New Delhi’s strategic response must centre around the one energy source it has in abundance

South Korean President Lee Jae Myung emphasized close collaboration with India as emerging global leaders amidst geopolitical uncertainty. He highlighted shared values and complementary economies, advocating for upgraded trade agreements, defense industrial cooperation, and joint ventures in critical minerals and shipbuilding to foster mutual growth and innovation.

India is well-positioned to navigate global energy shocks due to strong forex reserves, fiscal space, and a robust banking system, according to the World Bank. The institution projects an average growth of 7.1% for FY28-FY29, also highlighting the potential of recent trade agreements with the EU and UK to boost exports and household incomes.

India is strategically vital to the Indian Ocean Region, a critical artery for global trade and energy. The Indian Navy actively safeguards these waters, countering piracy and ensuring maritime security through initiatives like MAHASAGAR. This approach fosters regional cooperation and strengthens India's role as a key security partner, demonstrating its growing influence.

Trade ministers convene for WTO's MC14 in Cameroon, facing deep divisions on key issues like e-commerce, agriculture, and fisheries subsidies. Limited outcomes are expected as developing nations, including India, push to preserve policy space against developed countries' demands for broader liberalization.

WTO chief Ngozi Okonjo-Iweala acknowledged disruptions to the multilateral trading system and urged India to support China-backed investment facilitation, despite India's opposition. She emphasized India's leadership role for the upcoming MC14, particularly in agriculture, while highlighting the need to address India's concerns in that sector. Reform discussions are anticipated at the mini-ministerial meeting.

Addressing the Shanghai Cooperation Organisation (SCO) Summit, PM Modi said that unilateralism and protectionism have not benefited anyone. "..We need a rule-based, transparent, anti-discriminatory, open and all-inclusive WTO-centred multilateral trading system focused so that the interests of every country especially the developing ones can be taken care of," he said.

Pascal Lamy is seeking a second term as World Trade Organization director-general, saying "much remains to be done" to conclude global trade talks and to improve the multilateral trading system.

Against the backdrop of raging global trade tensions, a clutch of countries — including India, China and South Africa — asserted on Tuesday that an inclusive multilateral trading system based on equality and mutual respect should ensure that all World Trade Organization (WTO) members abide by rules and reject any form of protectionism.