Amid tariff tensions with the United States, Union Commerce and Industry Minister Piyush Goyal has called on the Global South to speak with one voice to address rising uncertainty, inequality, and distrust in the global trading system.
Union Commerce Minister Piyush Goyal (Image credit: PTI)
Amid tariff tensions with the United States, Union Commerce and Industry Minister Piyush Goyal has called on the Global South to speak with one voice to address rising uncertainty, inequality, and distrust in the global trading system. Speaking at the 16th Session of the United Nations Conference on Trade and Development (UNCTAD) in Geneva on Wednesday, i.e., October 22, Goyal said the world was experiencing “an era of profound trust deficit” across multilateral institutions, international bodies, and even nations.
“A lot of non-market practices are coming into play… There’s an over-concentration of supply chains, both at the source and at times on the demand side. Also, there’s a dilution of the special and differential treatment that was provided when the WTO was originally set up,” he said.
Trump’s steep tariffs against India
Back in August, US President Donald Trump announced a steep 25 percent tariff “plus penalty” against India, citing its business with Russia. Later, he declared an additional 25 percent tariff against India, taking the total levy to 50 percent. This time, he once again cited India’s business with Russia as the reason behind the ongoing Ukraine war.
India, on the other hand, stood firm in its stance, calling the move “unfair, unreasonable, and unjustified”. However, trade talks are underway between the two nations, with both sides stressing a mutually beneficial agreement. The ties between New Delhi and Washington have recently witnessed a thaw, with President Trump calling PM Narendra Modi a “great Prime Minister and a great friend”.
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