WTO losing influence, says FM

Multilateral institutions such as the UN and World Trade Organization (WTO) are losing influence as their revival efforts falter, pushing nations toward bilateralism and direct negotiations over broader international cooperation to resolve global issues, finance minister Nirmala Sitharaman said on Thursday.

- Rhik Kundu

Speaking at a Business Standard event, Sitharaman said bilateralism dominated the global agenda, and regardless of its merits, India must adapt by deepening trade, investment, and strategic ties with multiple nations, negotiating with each of them bilaterally.

"It is for us to ramp up our bilateral relationship with many countries, not just for trade, not just for investment, also for strategic relations," she said.

India, as a leading member of several multilateral institutions like the United Nations, WTO and multilateral development banks, has been calling for reforms to these institutions.