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India's Rapid Economic Growth Is Linked To Strong Trade Growth
India's Rapid Economic Growth Is Linked To Strong Trade Growth, Says WTO DG
While emphasising the importance of bilateral trade agreements, Okonjo-Iweala also stressed the need to bolster the multilateral trading system, with particular focus on the WTO's role.
New Delhi: Ngozi Okonjo-Iweala, the Director-General of the World Trade Organisation (WTO), said that India's rapid economic growth is closely tied to its ability to foster strong trade growth.
Okonjo-Iweala also praised Minister Piyush Goyal for his leadership in driving India's trade agreements.
"I'd like to compliment Minister Goyal for the way he's going about the trade agreements for India. India is growing at a very fast rate. Of course, you cannot have good GDP growth without good trade growth," WTO DG said, speaking to ANI on the inaugural session of the 30th CII Partnership Summit 2025 in Visakhapatnam yesterday.
According to the data released by the Commerce and Industry Ministry, the cumulative exports (merchandise & services) during April-September 2025 are estimated at USD 413.30 billion, as compared to USD 395.71 billion in April-September 2024, an estimated growth of 4.45 per cent.
While emphasising the importance of bilateral trade agreements, Okonjo-Iweala also stressed the need to bolster the multilateral trading system, with particular focus on the WTO's role. She expressed a strong desire for India to take a leading role in WTO reforms to enhance its effectiveness in supporting global trade, especially for developing countries.
"To complement the bilateral actions that have been done, you also need to strengthen the multilateral system. We'd like India to take a lead in doing that, and I think Minister Goyal and his team are going to be working on that with us," she added.
Okonjo-Iweala noted that the WTO's AEM C14 initiative is exploring how to make the global trading system more resilient to support emerging economies like India. This includes addressing new opportunities in supply chain diversification, digital trade, and green trade--areas where India stands to benefit significantly.
Okonjo-Iweala highlighted India's potential to harness these emerging opportunities, with a particular focus on how the WTO can better serve countries like India, which are growing dynamically. The WTO chief pointed out that while the global trade landscape is facing challenges, India's involvement in WTO reforms could provide the necessary momentum for creating a more inclusive and resilient system.
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"India's economic dynamism and its strategic positioning in the global market make it a key player in this effort. By addressing challenges in global supply chains and supporting the rise of digital and green trade, India can leverage its position to lead in these transformative areas," she said.
The WTO has long faced calls for reforms, particularly in addressing concerns from developing countries, including India. Okonjo-Iweala noted that the WTO needs to evolve to ensure that it better reflects the changing needs of its members, especially in terms of public stockholding and past mandates.
"We will be looking at some of the issues that India is interested in, including past mandates related to public stockholding. It's crucial that we address these issues as part of the reform agenda, and we want India to be an active leader in shaping these reforms," she added.
Source: ZeeNews
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