Saturday, May 18, 2024

Piyush Goyal asks G20 members to find common solutions to gaps in global trade

Union Commerce & Industry Minister Piyush Goyal on Thursday urged G20 member countries to find common solutions to address gaps in the global trading system. He was speaking at the closing of the three-day 1st G20 Trade and Investment Working Group (TIWG) meeting which was held in Mumbai.

“TIWG has an important role in formulating concrete outcomes for inclusive growth that drive trade and investment across [the] Global South, and not among G20 member countries only,” Mr Goyal said.

Advocating for equitable distribution of the benefits of global trade by and among all countries, including developing and least-developed countries (LDCs), he said there must be progress towards a new world that is driven by collaboration, sustainable growth and a solutions-oriented mindset.

“On the second and third day of the TIWG meeting, while discussing priority issues, G20 member countries realised the need for collective action to integrate transparency in the administration of non-tariff measures, and cooperation among standardization bodies world over. The G20 member countries also noted that there is a need for mapping Global Value Chains (GVCs) for building predictability and for enhancing their resilience,” the Commerce & Industry Ministry said in a statement.

“In the sessions, several member countries affirmed the need for diversification of existing value chains and accelerating the participation of firms from developing countries and LDCs for a holistic economic growth,” the statement said.

“The need for making information and finances easily accessible for MSMEs was discussed in detail during the working sessions. In addition, several countries expressed that the digital entry barriers for MSMEs should be seriously reviewed for their efficient integration with the digital trade platforms,” the statement added.

Sunil Barthwal, Secretary, Department of Commerce, while stating that trade and investment are vital tools for enhancing the local supply of goods and services, said the aim under India’s G20 Presidency was to strengthen the shared understanding of challenges that were hindering the acceleration of global trade and investment.

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