ICC Chair warned that a collapse of the WTO could cost developing and emerging economies between 5 and 10 per cent of GDP as bilateral agreements undermine multilateral consensus
India will engage with key trade issues at the upcoming World Trade Organisation ministerial meeting with an open mind, Commerce and Industry Minister Piyush Goyal said on 7th March 2026, speaking on the sidelines of the Raisina Dialogue in New Delhi.
Goyal confirmed India’s position ahead of the WTO ministerial, stating the country intends to discuss these issues openly and constructively with global partners as New Delhi continues to expand its trade footprint. The remarks come at a particularly charged moment for global trade, with US tariff policy in legal flux, Middle East disruptions compressing supply chains, and multilateral trade frameworks under growing strain.
ICC Chair Philippe Varin, also speaking at the Raisina Dialogue, warned that a collapse of the WTO could cost developing and emerging economies between 5 and 10 per cent of their GDP, as bilateral agreements increasingly undermine multilateral consensus. Varin stressed that what business needs above all else today is predictability and stability, noting that supply chains have grown increasingly complex and that partnerships without shared principles remain fragile.
The WTO ministerial meeting is scheduled for the end of March 2026 and is expected to address trade reform, digital commerce, and the implications of unilateral tariff actions by major economies on the broader multilateral trading system.
