India to focus on trade finance, resilient GVCs, MSMEs, logistics at G20 meet on trade & investment next week

India to focus on trade finance, resilient GVCs, MSMEs, logistics at G20 meet on trade & investment next week

India will try to generate consensus around priority issues in trade such as trade finance, resilient global value chains, integration of MSMEs in global trade, and building efficient trade logistics in the first Trade and Investment Working Group (TIWG) under India’s G20 presidency in Mumbai next week, according to senior officials.

Over 100 delegates from G20 member countries and other nations invited by India will participate in the three-day meeting starting March 28.

“Our focus will be clearly on how to bring in efficiency, how to ensure inclusive development, and on everything that is core to developing economies,” Commerce Secretary Sunil Barthwal said at a press briefing on Friday.

Seminar to be held

A seminar on trade finance will look at the role of banks, financial institutions, development finance institutions, and export credit agencies in closing the trade finance gap, according to a government release.

Issues such as how digitalisation and fintech solutions can improve access to trade finance will also be discussed.

Making trade work for growth and prosperity, and building resilient GVCs will also be in focus.

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The meeting dealt at length transition to non-fossil fuel and on the availability of minerals and rare earths to be made available for all countries

“The emphasis will be on achieving shared outcomes for making growth inclusive and resilient, increasing the participation of developing countries and the Global South in GVCs, making GVCs work for inclusive development and building resilient GVCs to withstand future shocks,” the release stated.

TIWG priorities on integrating MSMEs in global trade, and building efficient logistics for trade will also be discussed across two working sessions, it added.

“The presidency will aim to carry forward the work done by past G20 presidencies to better integrate MSMEs into global trade considering their primacy in sustaining livelihoods in both the developed and developing countries. The ways of developing robust logistics infrastructure that could reduce transaction costs both across borders and in the hinterlands will also be deliberated by the G20 delegates,” the statement noted.

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