G20 Presidency: First trade and investment working group meeting to be held in Mumbai

INTERNATIONAL DESK: The First Trade and Investment Working Group (TIWG) meeting under India’s G20 Presidency will be held from March 28 to March 30 in Mumbai, Commerce Secretary Sunil Barthwal said while addressing a press conference here on Friday.

Commerce Secretary said that during this three-day Meeting, over 100 delegates from G20 member countries, invitee countries, regional groupings and international organisations will engage in deliberations to accelerate global trade and investments. Barthwal said that “on the first day, a seminar on ‘Trade Finance’ will be held at the Ballroom, Taj Lands’ End, Mumbai. The role of banks, financial institutions, development finance institutions and export credit agencies in closing the trade finance gap, and how digitalisation and fintech solutions can improve access to trade finance, will be discussed through two-panel discussions. It will be followed by a guided tour of Bharat Diamond Bourse.”

On March 29, 2023, the TIWG Meeting will be inaugurated by Piyush Goyal, Commerce & Industry Minister of India. Subsequently, in the two working sessions, the TIWG priority issues focused on making trade work for growth and prosperity, and building resilient Global Value Chains (GVCs) will be discussed.

The emphasis will be on achieving shared outcomes for making growth inclusive and resilient, increasing the participation of developing countries and the Global South in GVCs, making GVCs work for inclusive development and building resilient GVCs to withstand future shocks.

On a concluding day, the TIWG priorities on integrating MSMEs in Global Trade, and building efficient logistics for trade will be discussed across two working sessions. The Presidency will aim to carry forward the work done by past G20 Presidencies to better integrate MSMEs into global trade considering their primacy in sustaining livelihoods in both developed and developing countries.

The ways of developing robust logistics infrastructure that could reduce transaction costs both across borders and in the hinterlands will also be deliberated by the G20 delegates.

Under India’s Presidency, the aim is to build a shared understanding of the challenges being faced in accelerating global trade and investment, and how existing opportunities can be harnessed for the benefit of humanity following the motto of Vasudhaiva Kutumbakam and find common solutions. (ANI)