October 23, 2025
Piyush Goyal emphasised the need to address issues such as tariff barriers, unilateral environmental restrictions, and services sector hurdles
He highlighted India’s digital public infrastructure as a model for bridging the technological divide
Goyal warned that a “trust deficit” and erosion of the rules-based trading system threaten global cooperation
The minister underscored that unilateral measures like carbon taxes disproportionately affect developing economies
India called on developing and least developed nations to work collectively to tackle key global trade challenges such as tariff barriers, unilateral environmental restrictions, and hurdles in the services sector.
Commerce and Industry Minister Piyush Goyal said the areas requiring attention include access to critical minerals, fertilisers, and supply chain management. He added that India continues to bridge the technological divide through digital public infrastructure, which empowers millions across the country.
Speaking at the 16th session of the United Nations Conference on Trade and Development (UNCTAD) in Geneva, Goyal urged developing nations to act together on shared concerns. He said it was time for the Global South to “speak with one voice” on issues that affect all.
The minister noted that the global trading system is currently facing volatility and uncertainty. He said the world is experiencing a deep trust deficit among multilateral institutions, international bodies, and nations themselves, as numerous challenges emerge daily. These challenges, he explained, range from an erosion of confidence in the rules-based trading system and non-market practices to growing tariff and non-tariff barriers, as well as the over-concentration of supply chains at both source and demand points.
Goyal expressed concern over unilateral environmental measures, such as carbon taxes introduced by certain countries and regions, along with divisive technologies and restrictive policies in the services sector. He said these issues are visible to all and require collective efforts to resolve.
He stressed that such challenges hit developing and least developed nations the hardest, as these countries are focused on economic growth, poverty reduction, and improving the quality of life for their citizens. In an uncertain global environment, Goyal said, efforts to eliminate poverty and achieve the Sustainable Development Goals (SDGs) often become casualties.
Calling for a global reset, he stated that the world needs a new approach to address these challenges. He also highlighted the dilution of special and differential treatment that developing and least developed countries were granted when the World Trade Organisation (WTO) was established.
Goyal is set to visit Berlin, Germany, this week to meet senior government officials and business leaders to explore ways to enhance bilateral trade and investment. During his visit on 23 October, he will hold meetings with German Federal Minister for Economic Affairs and Energy Katherina Reiche and Levin Holle, Economic and Financial Policy Advisor at the Federal Chancellery and Germany’s G7 and G20 Sherpa.
Source: Economic Times