WTO reforms must reflect the evolving global economic landscape
Today’s interconnected world and the concept of global value chains have revolutionized the way nations engage in trade and investment, Commerce and Industry Minister Piyush Goyal said at the opening session of G20 Trade and Investment Ministerial Meeting (TIMM) in Jaipur on 24 Aug 2023.
“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,” he told delegates at the meeting.
Goyal pointed out 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 made efforts 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, and cited the example of successful integration of MSMEs in the Government e-Marketplace (GeM) and its benefits.
“Shared commitment to foster inclusive growth extends beyond the boundaries of our traditional systems,” he added.
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.
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 stressed that it is imperative to have a more dynamic and inclusive trade environment, with reforms in the World Trade Organization (WTO). “These reforms must reflect the evolving global economic landscape.
“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.
Goyal called delegates at TIMM to focus easing barriers to international trade and investment; helping boost productivity and output and fostering economic growth and prosperity for all, while encouraging Ministers from G20 and other invitee countries to work collectively to achieve concrete, decisive and action-oriented outcomes. Fiinews.com
