Goyal at the 2021 United Nations Trade Forum
He also hoped that credit rating agencies and bodies like the IMF “that sort of dictate” the world’s financial architecture do not end up being unfairly hard on developing and less developed countries because it is. Now is the time to become compassionate, more liberal and supportive of these nations.
“I think a little longer cord needs to be given even to earlier agreements or commitments so that these countries (developing and less developed) have space to get their economies back on track,” Goyal said. at the United Nations Trade Forum 2021.
That trade policy seeks more inclusive growth all over the world and that all countries must work for climate justice and a sustainable way of life.
“We hope that the developed world does not use the interaction of trade and the climate challenge too much, because I believe that trade should allow all countries to prosper.
“This should not create trade barriers that will eventually become an obstacle to the prosperity of the poorest and least developed countries,” he said.
Goyal added: “I think we need to decouple trade policy and our green goals”.
On the contrary, he said, the UN and other multilateral agencies like the UNFCCC (United Nations Framework Convention on Climate Change) should focus on bringing the world together to fulfill their commitments on change. climate.
The minister added that there should be differentiated responsibilities when it comes to the developing world or the less developed countries, as they have to fulfill the commitments they made in Paris, especially in terms of capital and technology.
In addition, Goyal said the world should learn the lessons of the 2008 economic crisis and that the developed world should not fall into “super-adventurism” in terms of fiscal proliferation.
Speaking of healthcare, he said that under the Ayushman Bharat program, 500 million people have access to medical facilities free of charge and “we will extend it to 100% coverage so that every citizen in India and every resident have access to health care. “.
The government is investing in the modernization and expansion of health facilities, he added.
Regarding the upcoming 12th Ministerial Conference of the World Trade Organization (WTO) in Geneva, Goyal said members cannot prioritize the developed world agenda only. It must tackle long-standing issues, such as the asymmetry of agricultural subsidies and find a permanent solution to the problem of holding public stocks for food security purposes, he added.
WTO Director-General Ngozi Okonjo-Iweala said member countries have agreed to negotiations on the basis of a text of India and South Africa’s proposal for a temporary TRIPS waiver for deal with the COVID-19 pandemic.
“Now we have revised the text from supporters of India and South Africa, which is supported by the vast majority of developing countries.
“It’s going to be difficult because there are always differences. We hope we can take a pragmatic approach. I’m in no rush… I want to get an agreement by July because lives are involved,” she said. declared. PTI RR HRS hours
Warning :- This story has not been edited by Outlook staff and is auto-generated from news agency feeds. Source: PTI