Union Secretary of State for Finance Dr. Bhagwat Kishanrao Karad opened the first meeting of the Working Group on Trade and Investment (TIWG) of the G20 on March 29 in Mumbai. Around 100 delegates from G20 member countries, invited countries, regional groupings and international organizations have participated in the opening ceremony of the G20 TIWG.
The priorities related to global trade and investment, which the Indian Presidency is pursuing, have been discussed on March 29, and also on March 30, in four closed-door technical sessions. Discussions have focused on making trade work for growth and prosperity, and on the way forward to build resilient global value chains (GVCs).
On the second day, two working sessions discussed the TIWG’s priorities on the integration of micro, small and medium-sized enterprises (MSMEs) in world trade and the creation of efficient logistics for trade. Thematic experience zones on spices, millet, tea and coffee have been set up at the meeting place, and an exhibition on textiles has also been organized.
2nd meeting of the G20 Sustainable Finance Working Group (SFWG)
In his speech, Finance Minister Dr. Karad highlighted the growing gap between developing and developed countries, which is further exacerbated during pandemics and geopolitical crises. Emphasizing the need for efficient and resilient global supply chains, he said G20 member countries must collaborate to design interventions that diversify GVCs in critical sectors such as food, fertilizer, energy and pharmaceuticals.
She also mentioned that women-owned MSMEs are disproportionately affected by credit restrictions and other gender-based barriers. To address and rectify this disproportionate burden of business costs on MSMEs, Shri Karad proposed collective action by the international business community.
Indian G20 Presidency Aspirations
Commerce Department Secretary and TIWG meeting chair Sunil Barthwal reiterated that under the Indian presidency, the goal of G20 member countries is to achieve shared results to make growth inclusive and resilient, increase participation of developing countries and the Global South on GVCs and build resilient GVCs to withstand future shocks.
The diplomat added that the presidency aspires to develop inclusive trade policies that support global prosperity, guided by the principle of “One Earth, One Family and One Future”, in which cooperation and collaboration among nations will be the key drivers for promote growth and reduce poverty and inequality.
G20 member countries should collaborate in the design of interventions that diversify GVCs in critical sectors
The Presidency aims to carry forward the work done by previous G20 Presidencies to better integrate MSMEs into global trade, taking into account their primacy in sustaining livelihoods in both developed and developing countries. . G20 delegates will also deliberate on the means to develop a robust logistics infrastructure that can reduce transaction costs both across borders and within the country.
Under the Indian Presidency, the aim is to reach a common understanding on the challenges facing accelerating global trade and investment, and on how existing opportunities can be harnessed for the benefit of humanity following the motto of Vasudhaiva Kutumbakam, in which it will be essential to find common solutions.
