Yaounde [Cameroon], March 29 : Union Commerce Minister Piyush Goyal on Sunday held talks with African countries on the sidelines of the 14th World Trade Organisation Ministerial Conference.
The Commerce Minister discussed new pathways to expand India's investment in Africa and reaffirmed India's support for the development of African countries.
In a post on X, Piyush Goyal said, "India stands with Africa! Had a meaningful engagement with Ministers and Ambassadors of the Africa Group members on the sidelines of #WTOMC14."
"Our discussions reaffirmed the deep-rooted civilisational & historical ties and trade relations, while exchanging views on enhancing trade between India & Africa and the MC14 agenda. Held substantive talks on investments, including expanding India's investments in Africa," he added.
https://x.com/PiyushGoyal/status/2038242945447682487?s=20
Earlier, Piyush Goyal said India took a firm stand at the 14th WTO Ministerial Conference, refusing to support the inclusion of the Investment Facilitation for Development (IFD) Agreement into the World Trade Organisation framework, citing concerns that it could undermine the institution's foundational principles.
"At #WTOMC14, drawing inspiration from Mahatma Gandhi ji's philosophy of Truth prevailing over conformity, India showed the courage to stand alone on the contentious issue of the Investment Facilitation for Development (IFD) Agreement and did not agree to its incorporation into the WTO framework as an Annex 4 Agreement," Goyal said in a post on social media.
"Incorporation of the IFD Agreement risks eroding the functional limits of the WTO and undermining its foundational principles," the post added.
Goyal further noted that WTO members are discussing safeguards as part of reforms. "As part of WTO reform discussions, Members are discussing guardrails and legal safeguards for plurilaterals before the integration of any specific plurilateral outcome," he said.
"In view of the systemic issue at hand, India showed openness to have good faith, comprehensive discussions and constructive engagement under the WTO Reform Agenda," he added.
The meetings took place on the sidelines of the 14th WTO Ministerial Conference, where member countries are discussing key issues related to global trade, cooperation and the future of the multilateral trading system.