CIM warns of global recession risk

Commerce & Industry Minister Shri Piyush Goyal proposed for comprehensive reforms at the World Trade Organisation, considering the growing inequalities between developed and developing countries. Stating that issues of all members must be brought on board, he also warned, that if protectionism and unilateral measures continue then “we are looking at a serious world recession and no country will be out of that problem”. Shri Goyal was speaking at an event on South-South and Triangular Cooperation in New Delhi. The WTO is currently in the middle of a crisis with the dispute settlement mechanism being crippled due to the US blocking the appointment of judges. Countering the developed world’s argument against Special and Differential Treatment for developing countries like India, the CIM stated, “You really cannot have free trade between the country having per capita GDP of $1,000, or $2,000 or $4,000 and other of $60,000 and $80,000.”