WTO members welcome India’s efforts to improve the business and economic environment over the past 5 years

Jan 09, 2021 2:32 AM STI

New Delhi [India]January 9 (NNA): Members of the World Trade Organization (WTO) hailed India’s efforts to improve the business and economic environment since 2015 during the final session of the Seventh Trade Policy Review India (EPC) held on Friday in Geneva, Switzerland.
According to an official statement, Ambassador Sunanta Kangvalkulkij of Thailand, the TPR presenter of India, appreciated India’s efforts and commitment to the exercise in her concluding remarks.
She also noted the interest shown by WTO Members in India’s review and warmly welcomed the steps India has taken over the past five years on high-profile economic issues. India’s introduction of innovative structural reform in the form of a goods and services tax during the review period was also welcomed.
Kangvalkulkij specifically observed India’s proactive efforts in implementing the WTO Trade Facilitation Agreement and its role in promoting the “ease of doing business” in country, while observing India’s much improved ranking in the “Trade Across Borders” indicator under the Doing Business Report.
She also noted that WTO Members appreciated the steps India has taken to liberalize its FDI regime and India’s National Intellectual Property Rights Policy, 2016.

In closing remarks for the session, the Chairman of the WTO TPR Body, Ambassador Harald Aspelund, commended India for its strong economic growth during the reporting period, and praised the support of India during exercise EPC.
The Trade Policy Review is an important mechanism within the framework of the WTO surveillance function in which the trade and related policies of member countries are reviewed by the WTO with the aim of contributing to better adherence to trade rules. WTO, while providing constructive feedback to the member under review.
The official delegation of India was led by Trade Secretary Dr Anup Wadhawan, where he responded to questions raised by Members during the first TPR session held on January 6, while appreciating the importance accorded by WTO Members to India’s role and contribution to the world of trade, as well as to the multilateral trading system.
According to the statement, the Commerce Secretary stressed that the Indian government is deeply determined to continue on the path to make India an attractive trade and investment partner for the world, adding that India is working to forge closer economic and trade links with the world, using all available channels.
While noting India’s deep attachment to the multilateral trading system and its continued positive role in international forums, Mr. Wadhawan also informed Members of India’s commitment to further streamline and simplify further the overall national business environment, with the aim of ranking in the top 50 in the World Bank’s Doing Business report.
He also expressed India’s gratitude to Members for their active participation in India’s review, stressing that this was an indicator of their keen interest in strengthening trade ties with India. . (ANI)

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