India joins push to cut remittance costs ahead of WTO ministerial meet

India has joined a group of developing economies in pushing for a global framework to reduce the cost of cross-border remittances, positioning the issue as a key development priority ahead of the 14th Ministerial Conference of the World Trade Organization scheduled in Yaoundé, the capital of Cameroon, later this month.

- Dhirendra Kumar

India, along with Morocco, Pakistan and the African Group, called for global action to cut remittance transaction costs.

(AFP)

The conference will take place during 26-29 March.

In a revised draft ministerial declaration circulated on 17 March, India, along with Morocco, Pakistan, and the African Group, called for coordinated global action to bring down remittance transaction costs, Which remain significantly above the United Nations’ Sustainable Development Goal target of less than 3% by 2030.

India is world’s largest recipient of remittances, with inflows estimated at around $135.4 billion in FY25, according to an India Brand Equity Foundation report. This marks a steady rise from about $129 billion in 2024 and reflects a strong rise over the decade.