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G20 working group talks ways to make trade work for growth, prosperity

Minister of State for Finance Bhagwat Karad, who addressed the inception meeting of the TIWG in Mumbai spoke about the widening gap between developing and developed countries

G20, G-20

Shreya Nandi New Delhi

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The second day of the G20’s trade and investment working group (TIWG) saw discussions focused on making trade work for growth and prosperity and the way forward for building resilient global value chains.
 
Under the working group, five priority areas have been identified–trade for growth and prosperity, trade and resilient value chains, integrating MSMEs in global trade, logistics for trade and  World Trade Organisation (WTO) reforms. Barring WTO reforms, remaining four issues are being discussed in the three-day meeting.
 
Minister of State for Finance Bhagwat Karad, who addressed the inception meeting of the TIWG in Mumbai spoke about the widening gap between developing and developed countries, which gets exacerbated during pandemics and geopolitical crises. Karad called upon G-20 countries to collaborate in designing interventions that will diversify global value chains in critical sectors such as food, fertilisers, energy and pharmaceuticals.
 
“Women-owned MSMEs are disproportionately affected by the credit constraints and various other gender-based barriers. To address and rectify this disproportionate burden of trade cost on MSMEs, Shri Karad proposed collective action by the international trade community,” an official statement quoting the minister said on Wednesday.

Commerce secretary Sunil Barthwal said that under the Indian Presidency, the aim of the G20 member countries is to achieve shared outcomes for making growth inclusive and resilient, increasing the participation of developing countries and the Global South in global value chains, and building resilient global value chains to withstand future shocks.

He added that the Presidency aims to develop inclusive trade policies that support global prosperity, and that cooperation and collaboration among nations will be the key drivers of growth, and reduction of poverty and inequality.

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First Published: Mar 30 2023 | 12:13 AM IST

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