MILWAUKEE / NEW DELHI — Union Minister of Commerce and Industry Shri Piyush Goyal addressed the concluding day of the G20 Trade Ministers’ Meeting in Milwaukee, Wisconsin, urging member nations to address trade distortions through multilateral, WTO-consistent frameworks while safeguarding policy space for developing economies.
Participating in sessions on structural excess capacity, updating the Most-Favoured-Nation (MFN) principle, and eliminating forced labor, the Minister reaffirmed India’s commitment to a rules-based, non-discriminatory, and transparent global trading system with the World Trade Organization (WTO) at its core.
Key Highlights & Policy Stances
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Structural Excess Capacity & Supply Chains: Emphasizing that India does not possess structural excess capacity in the sectors identified by the G20 Presidency, Minister Goyal noted that India’s manufacturing expansion serves a domestic market of 1.4 billion people. He warned that supply chain diversification must not serve as a pretext for non-WTO-compliant measures or shift adjustment burdens onto developing nations.
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Preserving MFN & Dispute Settlement: Highlighting MFN treatment as the cornerstone of non-discriminatory trade, Goyal called for the restoration of the WTO’s two-tier dispute settlement mechanism, the preservation of consensus-based decision-making, and the retention of Special and Differential Treatment (S&DT) for developing countries.
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Abolition of Forced Labor in Trade: Reaffirming India’s absolute commitment to eradicating forced labor—citing Article 23 of the Indian Constitution and the July 2026 Foreign Trade Policy amendment banning imports produced via forced labor—Goyal asserted that border restrictions must rely on specific, verifiable evidence rather than generalized regional presumptions. He reiterated that the International Labour Organization (ILO) remains the sole competent authority on labor standards.
Bilateral Engagements & Future Roadmap
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Bilateral Meetings: On the sidelines of the summit, Minister Goyal held bilateral consultations with trade ministers from Australia, Saudi Arabia, France, South Korea, and Canada to strengthen bilateral trade ties.
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Transition of G20 Presidency: Extending gratitude to the United States G20 Presidency, Goyal pledged India’s full support to the United Kingdom as it prepares to assume the G20 Presidency in 2027.
