Piyush Goyal, India’s Commerce and Industry Minister, has urged nations in the Global South to unite and present a cohesive front to overcome growing uncertainty and distrust in global commerce. Goyal stated during the 16th Session of the United Nations Conference on Trade and Development (UNCTAD) in Geneva that the rules-based international system was being undermined by protectionist barriers, unilateral acts, and non-market practices.

He warned that the breakdown of trust between institutions and states has generated major challenges for developing economies. Tariff barriers, supply chain concentration and discriminatory trade policies, he said, were harming global trade equity.

Goyal also raised concern about increasing unilateral limitations on technology and services, which disproportionately affect developing countries. He criticised developed countries for failing to meet the Paris Agreement’s $100 billion yearly climate finance target and for denying the Global South access to affordable green technologies.

Goyal highlighted India’s progress, saying the country had pulled millions out of poverty and achieved rapid growth while maintaining low emission level. He reiterated India’s commitment to renewable energy and global sustainability initiatives, urging developed economies to keep their promises and collaborate on a fair and inclusive global trade system.