WTO members laud India's efforts to improve trade and economic environment in last 5 years

Members of the World Trade Organization (WTO) applauded India's efforts to improve trade and economic environment since 2015 at the final session of India's seventh Trade Policy Review (TPR) of India held in Geneva, Switzerland on Friday.

Members of the World Trade Orgzation (WTO) applauded India's efforts to improve trade and economic environment since 2015 at the final session of India's seventh Trade Policy Review (TPR) of India held in Geneva, Switzerland on Friday.

According to an official release, Ambassador Sunanta Kangvalkulkij of Thailand, the Discussant for India's TPR, appreciated India's efforts and commitment towards the exercise in her concluding remarks.

She also noted the interest shown by the WTO membership in India's review and strongly commended the steps taken by India in the past five years on wide-ranging economic issues. The introduction of a path-breaking structural reform in the form of Goods & Services Tax by India, during the review period, was also commended.

Kangvalkulkij specifically observed India's proactive efforts in the implementation of WTO's Trade Facilitation Agreement and the role played by it in furthering "Ease of Doing Business" in the country, while observing the highly improved ranking of India in the "Trading across Borders" indicator under the Doing Business Report.

She also noted that the WTO Membership has been appreciative of the steps taken by India for liberalizing its FDI regime and India's National Intellectual Property Rights Policy, 2016.

In the closing remarks of the session, Chair of the WTO's TPR Body, Ambassador Harald Aspelund congratulated India for its strong economic growth during the period under review, and commended India's support during the TPR exercise.

The TPR is an important mechsm under the WTO's monitoring function in which member countries' trade and related policies are examined by the WTO with an aim to contribute towards improved adherence to WTO rules, while providing constructive feedback to the Member under review.

India's official delegation was headed by the Commerce Secretary Dr Anup Wadhawan, where he responded to the issues raised by the Members during the first Session the TPR held on January 6, while appreciating the importance placed by the WTO Members on India's role and contribution to world trade, as well as to the multilateral trading system.

According to the release, the Commerce Secretary highlighted that the Government of India is deeply committed to pursuing the path to make India an attractive trade and investment partner for the world, adding that India is striving to forge greater economic and trade linkages with the world, by utilizing all avenues available.

While conveying India's deep commitment to the multilateral trading system and continued positive role in the international fora, Dr Wadhawan also informed the Membership about India's commitment to streamlining and simplifying the overall domestic business environment even further, with an aim to break into the top 50 in the World Bank's Doing Business Report.

He also conveyed India's gratitude to the Members for their active participation in India's review, highlighting that this is an indicator of their keen interest in strengthening trade ties with India.

( With inputs from ANI )