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Tuesday, May 28, 2024

3-day meeting of the G-20 Trade and Investment Working Group starts in Mumbai

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Mumbai: The first three-day meeting of the G-20 Trade and Investment Working Group under India’s G-20 presidency would start on Tuesday in Mumbai.

More than 100 representatives of G-20 member groups, representatives of invited countries, representatives of regional groups and international organizations would participate in this three-day meeting to discuss the acceleration of global trade and investment.

On the first day of the meeting, i.e. March 28, an international conference on ‘Trade and Financial Cooperation’ will be held. The two sessions of the conference will discuss in detail the role of banks, financial institutions, development finance institutions and export credit institutions in bridging the gap between trade and finance, as well as how trade finance can be made accessible to more people through digitization and fintech solutions. Eminent experts in the field from India as well as abroad have been invited to present their views in this meeting.

All the guests for the conference will then be taken on a tour of Bharat Diamond Bourse, the diamond trading center in Mumbai.

During the Trade and Investment Working Group (TIWG) meeting of the G-20, an Experience Zone showcasing the diverse range of tea, coffee, spices and coarse grains produced by the Tea Corporation of India, Coffee Corporation of India, Spices Corporation of India and others will be set up at the meeting. An exhibition of Indian clothes will also be organized along with it.

On March 29, the G-20 Trade and Investment Working Group (TIWG) meeting will be formally inaugurated by Commerce and Industry Minister Piyush Goyal and Union Minister of State for Finance Dr. Bhagwat Karad. Global trade and investment priorities, which India is pursuing as the G20 Chair, will be discussed in four technical sessions on March 29 and 30.

At the session on March 29, discussions will focus on promoting trade for growth and prosperity and building resilient global value chains.

It will also focus on achieving shared goals for inclusive and resilient development, increasing the participation of developing countries and the Global South in global value chains, and building resilient global value chains to face future crises.

While on March 30, the two sessions of the meeting will discuss the integration of MSMEs in global trade as well as the priority of building an efficient logistics system for trade. India intends to better take forward the work done by the G20 presidencies in prioritizing the preservation of livelihoods in both developed and developing countries and the integration of MSMEs in global trade.

The G20 delegates will also discuss measures to develop a strong logistics infrastructure that can reduce the cost of transportation between the borders of different countries and in remote areas within the country.

India’s G20 chairmanship aims to create a shared understanding of the challenges that arise in accelerating global trade and investment and how existing opportunities can be harnessed to design concrete human-centric solutions and policies.

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