G20 Trade and Investment Ministerial Meeting to focus on easing barriers to international trade and investment

The focus of the G20 Trade and Investment Ministerial Meeting (TIMM) will be on easing barriers to international trade and investment, Union Commerce and Industry Minister Piyush Goyal has said.

Addressing the opening session of TIMM in Jaipur, Rajasthan on Thursday (August 24, 2023), Goyal said the meeting would also look at ways to help boost productivity and output and fostering economic growth and prosperity for all. He encouraged the Ministers from G20 and other invitee countries to work collectively to achieve concrete, decisive and action-oriented outcomes.

In today's interconnected world, the concept of global value chains has revolutionized the way nations engage in trade and investment, Union Commerce and Industry Minister Goyal pointed out.

According to Goyal, the TIMM focusses on formulating shared outcomes on issues related to the multilateral trading system, inclusive trade and ease of trade and business. He said that these issues have been deliberated upon in the four Trade and Investment Working Group (TIWG) Meetings held under India’s G20 Presidency.

The Union Commerce and Industry Minister said that the meetings have aimed at formulating fair, inclusive and sustainable trade and trade-related investment policies.

During the earlier meetings, five priority issues have been discussed extensively among the G20 member/invitee countries. These are: 1. Trade for Growth & Prosperity 2. Resilient Trade and GVCs 3. Integrating MSMEs in World Trade 4. Logistics for Trade 5. WTO Reforms

Goyal said that India can provide leadership to the Global South in the realm of trade and investment and integrate the world economy making it more inclusive.

During his address, Goyal recognized the importance of smooth logistics for international trade and said that paperless trading is a critical step towards streamlining cross-border transactions, reducing administrative delays and enhancing the pace in trade operations.