Pre-cum-Mains GS Foundation Program for UPSC 2026 | Starting from 5th Dec. 2024 Click Here for more information
India raises protectionism issue at G-20 meeting
News
1.The meeting of G-20 is taking place amidst the ongoing global trade war.
Important facts:
- The group emphasized the importance of World Trade Organisation (WTO) as the forum to resolve disputes.
- U.S. is attempting to weaken the WTO as it has refused to back appointments for the appellate body.
- India emphasized that earlier commitments of WTO need to be monitored to find whether these have been fulfilled.
- India also emphasized the role of multi-lateralism.
Decision making in WTO
- At WTO all decisions are taken through consensus- with dissent even by one of the over 160 members resulting in a stalemate.
Dispute settlement in the WTO
- Dispute settlement system is the central pillar of the multilateral trading system.
- By joining the WTO, member countries have agreed that if they believe fellow members are in violation of trade rules, they will use the multilateral system of settling disputes instead of taking action unilaterally.
Discover more from Free UPSC IAS Preparation For Aspirants
Subscribe to get the latest posts sent to your email.
