WTO Still Relevant: PM Modi's Economic Adviser Counters 'Globalization Failed' Narrative

• S Mahendra Dev, Chairman of PM-EAC, asserts that a rule-based global trade system, like the WTO, remains relevant despite rising protectionism and trade tensions.
• Dev's comments counter US Commerce Secretary Howard Lutnick's statement at Davos that globalization has failed.
• He acknowledges the shift towards bilateral deals and FTAs but maintains that the WTO's importance has not diminished.
• India supports a rules-based global trade order, viewing it as more stable and predictable than fragmented bilateral arrangements.
• Dev suggests that multilateralism could regain prominence as economic cycles and political priorities evolve.