Amid a debate on the future of globalisation, WTO and trade ministers from various countries, including India, on Friday called for greater engagement at global level and push for inclusive growth with better domestic policies without resorting to trade barriers.
Underlining that trade barriers would actually destroy jobs rather than creating them, they observed that increase in trade globally has led to higher economic growth and greater employment generation.
Swiss Economic Affairs Minister Schneider-Amman said the meeting focussed on trade issues and other matters.
First, ministers noted that protectionism is not the right approach for trade and it should be made more inclusive. They also emphasised the need to build on successes of last two ministerial meetings and ministers have agreed to increase their engagement levels.
“We went through a very intensive and constructive meeting to prepare for the December meeting in Beuones Aires,” he said.
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Amman was speaking at a press conference here at WEF after an informal ministerial meeting of WTO attended by representatives from 29 countries, including from India, ahead of the next ministerial meeting in Argentina.
Commerce and Industry Minister Nirmala Sitharaman, Chinese Vice Minister of Commerce Shouwen Wang, EU’s Commissioner for Trade Cecilia Malmstrom, Brazil’s Vice Minister for Economic and Financial Affairs Amb Carlos Cozendey and Japanese State Minister for Foreign Affairs Kentaro Sonoura were among the participants.
WTO’s Director General Roberto Azevedo said 2017 is an important year for WTO and clearly trade is very high on agenda here at WEF and it has helped revive growth as well as create jobs.
Obviously trade has to be inclusive and we need better domestic policies to get people who have lost job get back job. But putting up trade barriers would not help it. They will destroy jobs actually rather than creating jobs, he said.