Over 100 delegates from G20 countries and international organisations will deliberate on WTO reforms, integrating MSMEs in global trade, and efficient logistics during the second Trade and Investment Working Group (TIWG) meeting in Bengaluru during May 23-25.

COMMERCIAL BREAK
SCROLL TO CONTINUE READING

India assumed the presidency of G20 for one year from December 1, 2022, to November 31, 2023. The G20 Summit will be held in New Delhi on September 9-10. G20 meetings are being held across different cities, covering all 28 states and eight Union Territories of India.

The meeting in Bengaluru will be inaugurated by Minister of State for Commerce and Industry Anupriya Patel, the commerce ministry said in statement on Friday.

"During this three-day meeting, over 100 delegates from G20 member countries, invitee countries, regional groupings and international organizations will deliberate on reforming the multilateral trading system, integrating MSMEs in global trade, resilient global value chains (GVCs), making trade work for growth and prosperity, and efficient logistics for trade," it said.

Themes, such as technology reshaping trade and the role of technology in driving inclusive growth will be deliberated upon.

The subject of WTO (World Trade Organization) reform, one of the priorities pursued by the Indian G20 presidency will be taken up for discussion in a technical session on May 24. "The emphasis of these discussions will be on reaffirming WTO's foundational principles, as embodied in the Marrakesh Agreement and its multilateral trade agreements, thus recognizing the need for open, inclusive and transparent functioning of WTO," it said.

Presentations will also be made on the deliverables related to digitalization of paper documents, such as bills of landing and certificate of origin that are critical for cross-border trade, and on developing an action plan to create meta information portal for MSMEs, it said.

The first TIWG meeting was held in Mumbai in March. "The aim, under India's G20 presidency, is to build a shared understanding of the challenges faced in accelerating global trade and investment, and leveraging existing opportunities to make growth inclusive and transparent," it added.

The Group of Twenty (G20) is an intergovernmental forum comprising 19 countries and the European Union. Argentina, Australia, Brazil, Canada, China, France, Germany, India, Japan, Russia, Saudi Arabia, the US and UK are among other members. G20 members represent around 85 per cent of the global GDP, over 75 per cent of the global trade, and about two-thirds of the world population.

It was founded in 1999 after the Asian financial crisis as a forum for the finance ministers and central bank governors to discuss global economic and financial issues.

It was upgraded to the level of Heads of State/Government in the wake of the global economic and financial crisis of 2007, and, in 2009, was designated as the premier forum for international economic cooperation.

The G20 Summit is held annually, under the leadership of a rotating presidency.