Sh. Goyal says TIMM to focus on easing barriers to international trade and investment; boost productivity and output and fostering economic growth and prosperity for all
Union Minister of Commerce and Industry, Consumer Affairs, Food & Public Distribution and Textiles Shri Piyush Goyal said that focus of G20 Trade and Investment Ministerial Meeting (TIMM) will be on easing barriers to international trade and investment; helping boost productivity and output and fostering economic growth and prosperity for all. While addressing the opening session of TIMM in Jaipur, Rajasthan today, the Minister encouraged the Ministers from G20 and other invitee countries to work collectively to achieve concrete, decisive and action-oriented outcomes.
Shri Piyush Goyal said that 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 Minister said that the meetings have aimed at formulating fair, inclusive and sustainable trade and trade related investment policies.
Shri Goyal mentioned that TIMM will have Sessions on (i) Multilateral Trade for Global Growth & Prosperity; (ii) Inclusive & Resilient Trade and (iii) Leveraging Technology for Paperless Trade. He expressed that these Sessions will result in coming up with significant outcomes keeping in mind the current multinational challenges.
The Minister highlighted that the five priority issues namely (i) Trade for Growth & Prosperity, (ii) Resilient Trade and GVCs, (iii) Integrating MSMEs in World Trade, (iv) Logistics for Trade and (v) WTO Reforms have been extensively discussed among the G20 member/invitee countries during the TIWG meetings. He noted that in today's interconnected world, the concept of global value chains has revolutionized the way nations engage in trade and investment. Shri Goyal added that the COVID-19 pandemic and other shocks have disrupted the global value chains and made us realize the importance of promoting inclusive and sustainable global value chains.
Shri Goyal said that India under its G20 Presidency has recognized the crucial role played by the Micro, Small and Medium Enterprises (MSMEs) in the global economy and makes efforts under the leadership of the Prime Minister, Shri Narendra Modi to provide them continuous support. He said that MSMEs are the backbone of economies driving innovation, creating jobs and contributing significantly to overall economic growth. The Minister said that equitable access and participation for MSMEs in global trade must be ensured to unlock new avenues for growth. He also cited the example of successful integration of MSMEs in the Government e-Marketplace (GeM) and its benefits.
The Minister said that the shared commitment to foster inclusive growth extends beyond the boundaries of our traditional systems. While recognizing the importance of smooth logistics for international trade, he said that paperless trading is a critical step towards streamlining cross border transactions, reducing administrative delays and enhancing the pace in trade operations. Shri Goyal cited the example of PM GatiShakti initiative for infrastructure development and logistics efficiency using layers of GIS data to plan and implement projects.
He said that it is imperative to have a more dynamic and inclusive trade environment, with reforms in the World Trade Organization (WTO). Shri Goyal said that these reforms must reflect the evolving global economic landscape. He 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. The Minister said that the spirit of collaboration and mutual understanding defines G20 whose decisions shape the trajectory of economies, livelihoods of people, and the future of the world.
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