CACCI Council meeting, held on Tuesday has reviewed the world trading system basing on a study, titled “Resurrecting the World Trading System”.
The meeting passed the summary report of the study, mentioning that the world trading system which as impasse and backdated.
FBCCI as a member of CACCI its President Md. Jashim Uddin attended a special CACCI Council Meeting held in virtually on Tuesday.
Earlier FBCCI sent its recommendation raising the voice of LDCs on the study prepared by Dr. Andrew Stoeckel a leading economist of Australia.
He said that the CACCI is honour bound and dedicated towards upholding the inclusive interests of all the Members of CACCI that comprise mostly of developing and LDCs.
Recently, CACCI (The Confederation of Asia-Pacific Chambers of Commerce and Industry) has taken a study project titled ‘Resurrecting the World Trading System’ to review and ease the world trading system.
FBCCI President emphasized that the recommendations inconsistent with the new finalized preamble be replaced by the alternative proposals put forward by FBCCI in its submission on July 25, 2021.
He reaffirmed that it is not always true to assume that there will be a consensus on the unattainable proposals based on the 12 sets of recommendations in the WTO negotiations.
There are many divergent and often conflicting interests prevail in the WTO Membership. It is thus wise and prudent to streamline the complexities that crop up in global trading system from time to time. Also to build a process of negotiations which may be updated and reformed within the system as requested by FBCCI in its submission of July 25, 2021. FBCCI Recommendations were widely commended in the meeting. The foremost network of business groups from the Asia Pacific has commissioned renowned macroeconomist Dr Andrew Stoeckel as author the study with the aim to provide insight for the entire global trading community.
CACCI, a network of national chambers from 27 economies across Asia and the Western Pacific, will deliver an evidence-based argument and plan for reforming the World Trade Organization (WTO) as well as the relationships with the major global intergovernmental institutions, following the completion of the study this year in time for consideration by the next WTO Ministerial Council.
Australian Chamber of Commerce and Industry (ACCI) is providing the technical support in the project.
CACCI President Samir Modi (India) presided over the Council Meeting while the expert representatives and Presidents from different member states joined the meeting.
