New Delhi, March 19 -- India joined several developing countries to advocate for a global framework to lower cross-border remittance costs ahead of the World Trade Organisation's 14th ministerial conference (MC14), marking a focus on development-linked financial issues in trade.

The proposal, supported by Morocco, Pakistan and the African Group, addresses remittance fees, which remain above the United Nations' Sustainable Development Goals target of under 3% by 2030. On several routes, costs still range between 5% and 6%, significantly reducing the amount that ultimately reaches recipient households. Mint explains:

The push reflects growing concern among developing economies over the slow progress in trade negotiations at WTO. Countries...