Last Updated on March 21, 2026 9:43 pm by INDIAN AWAAZ
AMN/ WEB DESK
Secretary (Economic Relations) in the Ministry of External Affairs, Sudhakar Dalela, today said that the global economy is navigating an extraordinary period marked by the aftermath of the COVID-19 pandemic, geopolitical conflicts, and disruptions in supply chains, energy, and trade flows. He made these remarks while addressing the International Conference on Multilateralism Under Pressure: Roadmap to the WTO Ministerial Conference in New Delhi.
He said that declining global economic growth, reduced investment flows, heightened policy uncertainty, and persistent supply chain disruptions now define the current international economic landscape.
Emphasizing the shifting structure of the global economy, Mr. Dalela said developing countries, particularly India, have emerged as key drivers of global growth. He said that the Global South now contributes over 42 percent of global GDP, a significant rise from 21 percent in 2000.
He stressed that this transformation requires urgent reforms in global governance institutions such as the World Trade Organization to better reflect current realities. He said that voices representing the majority of the global population must play a greater role in shaping international trade rules. He said that the upcoming 14th World Trade Organization (WTO) Ministerial Conference must deliver concrete outcomes on WTO reforms to ensure the organization’s continued relevance and effectiveness. The event also witnessed the launch of the World Trade and Development Report 2026.