Act together to revitalise WTO without undermining core principles: Prabhu

Commerce and Industry Minister Suresh Prabhu has called for collective action to revitalise the World Trade Organisation (WTO) without undermining its core principles of consensus building, inclusiveness and transparency, an official statement said Tuesday.

Prabhu stated this at the G-20 Trade Ministers Meeting held at Mar del Plata, Argentina last week.

He also emphasised that the global trade and economic situation currently was at a critical stage due to the ongoing trade tensions, driven by protectionist and unilateral measures by some countries.

The minister made a case for working together for enhancing confidence in international trade through dialogue and collaborations.

He has underlined that as developing and least developed countries suffer consequential collateral damage due to trade conflicts, resolution of differences through dialogue between the parties should be promoted.