‘World experiencing era of trust deficit’
Amid tariff tensions with the US, Union Minister of Commerce and Industry Piyush Goyal has called on the Global South to speak with one voice to address growing uncertainty, inequality and insecurity in the global trading system.
Union Commerce Minister Piyush Goyal (Image credit: PTI)
Amid tariff tensions with the US, Union Minister of Commerce and Industry Piyush Goyal has called on the Global South to speak with one voice to address growing uncertainty, inequality and insecurity in the global trading system. Speaking at the 16th Session of the United Nations Conference on Trade and Development (UNCTAD) held in Geneva on Wednesday, October 22, Goyal said the world is experiencing a “period of deep trust deficit” among multilateral institutions, international organizations and even nations.
“There are a lot of non-market practices coming into play… There is over-concentration in supply chains, both at the source and at times on the demand side. There is also a dilution of the special and differential treatment that was provided when the WTO was first established,” he said.
Trump’s high tariffs on India
In August, US President Donald Trump said he would impose a steep 25 percent tariff “plus penalties” against India, citing its dealings with Russia. He later declared a 25 percent additional customs duty against India, increasing the total duty to 50 percent. This time, he once again cited India’s relationship with Russia as the reason for the ongoing Ukraine war.
India, on the other hand, did not compromise its stance and described the move in question as “unfair, unreasonable and unjust”. However, trade talks between the two countries are ongoing and both sides are emphasizing a mutually beneficial agreement. Relations between New Delhi and Washington have witnessed a thaw recently with President Trump calling Prime Minister Narendra Modi “a great Prime Minister and a great friend”.
