India rejects China-backed IFD investment deal during WTO ministerial conference
India is standing its ground against a China-backed investment deal at the World Trade Organization (WTO).
Commerce Minister Piyush Goyal said in a social media post during the WTO ministerial conference that this agreement could weaken the organization's core principles, and India isn't on board.
Piyush Goyal says IFD undermines WTO
The proposed Investment Facilitation for Development (IFD) Agreement aims to boost investments in developing countries, but India has expressed concerns about incorporating the China-led IFD into the WTO framework, saying it could erode the WTO's functional limits and undermine its foundational principles.
Goyal doubled down on India's stance, even quoting Mahatma Gandhi about sticking to your truth, even if you're alone.
India seeks broader WTO discussions 1st
While India opposes this specific deal, Goyal said the country is open to real conversations about reforming the WTO and discussing agreements that only apply to willing members.
For now, though, India wants broader discussions before signing on.