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

New Delhi: 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.The conference will take place during 26-29 March 2026.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 (IBEF) report. This marks a steady rise from about $129 billion in 2024 and reflects a strong increase over the past decade.

Remittances now account for over 10% of India’s total current account receipts and play a key role in supporting external stability, it said.The draft declaration, circulated at the request of the co-sponsors, underscores the importance of remittances as a key source of external financing for households in developing and least-developed countries. It notes that remittances contribute to poverty reduction, improved education and health outcomes, and greater resilience to economic shocks.The WTO document emphasizes that lowering remittance transaction costs is critical to advancing the Sustainable Development Goals (SDGs), particularly SDG 10(c), which targets reducing such costs to less than 3% by 2030.The move assumes significance as developing countries