Union Minister of Commerce and Industry, Consumer Affairs, Food and Public Distribution and Textiles Piyush Goyal said that the focus of the 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, the Minister encouraged the Ministers from G20 and other invitee countries to work collectively to achieve concrete, decisive and action-oriented outcomes. Goyal said that TIMM focuses on formulating shared outcomes on issues related to the multilateral trading system, inclusive trade and ease of trade and business. He added 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.
Goyal mentioned that TIMM will have Sessions on Multilateral Trade for Global Growth and Prosperity, Inclusive and Resilient Trade and Leveraging Technology for Paperless Trade. He expressed that these sessions will result in coming up with significant outcomes, taking into account the current multinational challenges.
The Minister highlighted five priority issues- Trade for Growth and Prosperity, Resilient Trade and GVCs, Integrating MSMEs in World Trade, Logistics for Trade and WTO Reforms), which have been extensively discussed among the G20 member/invitee countries during the TIWG meetings.
He noted that in the present day’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.
