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Key Points

5 points
1

India supports World Trade Organization rules and the Most Favoured Nation principle.

2

The minister cautioned against subsidies that cause unfair cheap pricing.

3

India opposes forced labour and has laws banning it.

4

Developing nations should retain policy space to industrialise.

5

India backs a two‑tier dispute settlement system at the World Trade Organization.

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Summary

He warned against trade‑distorting subsidies that lead to dumping and predatory pricing, urging evidence‑based measures.

Goyal reaffirmed India's stance against forced labour and support for developing countries' policy space.

He called for consensus‑based decision‑making and the restoration of the World Trade Organization’s two‑tier dispute settlement system.

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New Words to Learn

12 words
World Trade Organization
A group of many countries that makes rules for buying and selling things between them.
Most Favoured Nation principle
A rule that says countries should give each other the same good trade deals.
dumping
Selling products in another country at a price that is too low, which can hurt local makers.
predatory pricing
Setting prices so low that it tries to push other sellers out of business.
forced labour
Work that people are made to do against their will.
policy space
The freedom a country has to make its own rules for helping its economy.
multilateral
Involving many countries working together.
subsidies
Money or help given by a government to make products cheaper.
consensus
When everyone agrees on a decision.
dispute settlement
A way to solve arguments between countries about trade.
evidence
Proof that shows something is true.
judicial review
When judges check if a decision follows the law.
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