Piyush Goyal is 'trade minister for life:' USTR

On October 1, US Trade Representative Jamie Greer jokingly remarked that India's Union Commerce and Industry Minister Piyush Goyal would serve as the trade minister for life during the G20 trade ministers meeting in Milwaukee, Wisconsin. Greer made the comment in his opening speech, emphasizing that the task of creating a more equitable trading system would persist even after the current ministers depart. Greer also met with Goyal on the first day of the gathering.

The speech served as a call for a reevaluation of global trade governance, as the world's economies had primarily responded to imbalances through discussions. Greer highlighted four priorities for the US presidency of the G20: the weaponization of food, structural excess industrial capacity, the Most-Favoured-Nation (MFN) principle, and forced labor in supply chains.

He argued that MFN, which requires countries to offer equal trade terms to all partners, should be re-examined, as its unconditional application limits countries' ability to respond to distortive policies and changing market conditions. Greer noted that despite a pledge from G20 leaders to tackle excess capacity in 2016, it remains a significant distortion ten years later.