All must support WTO for global trade: Prabhu

Davos: Former trade minister Suresh Prabhu on Wednesday said the WTO must be allowed to function freely and more efficiently for global trade to flourish, though some changes are evident in the multilateral institution going forward.

Speaking here at a session on ‘The Great Indo Pacific Race’, Prabhu also said oceans will play a very important role going forward, including for trade and security.

“We must allow free flow of trade and commerce in the Indo Pacific region. This region has huge growth potential provided there is cooperation and collaboration and improved connectivity,” he said.

Prabhu, who is also the Prime Minister Narendra Modi’s G20 Sherpa, said trade can create jobs and more business opportunities.

On World Trade Organization (WTO), he said, “Over a long period of time we have learned and realized that multilateral bodies must be allowed to function freely and efficiently as they can promote economic integration.”

“WTO in the past few decades has allowed global trade to grow and we all must support it. Yes, we will need more changes in WTO going forward as the nature of global trade is very dynamic,” he added.