G20 MINISTERIAL ARRIVES AT CONSENSUS ON 5 DELIVERABLES

India has scored a significant goal on steering a global move towards a rules-based, open, inclusive, multilateral trading system – holding the World Trade Organization (WTO) at its core —with the G20 Trade and Investment Ministers’ meeting under India’s Presidency arriving at an all encompassing and inclusive consensus on five concrete deliverables which could have far-reaching and favourable implications for rejuvenating global trade demand, bringing in targeted investments in quality physical and digital logistics, enhancing supply chain resilience, promote economic growth and foster prosperity.

- NIVEDITA MUKHERJEE

The mutual agreement on these areas assumes greater import amidst a multi-dimensional global crisis that raises challenges of macroeconomic instability, food insecurity and disruptions across GVCs, as acknowledged in the ‘Outcome Document of Trade Ministerial Meeting’ which concluded in Jaipur on Friday. The joint communique flags the uncertainty over near-term prospects of global trade and investment and the prediction that growth in cross-border trade will remain subdued at 1.7 per cent in 2023. These underline the significance of the G20 acting together to ensure that trade, along with domestic production, plays a vital role in improving global food security in all its dimensions, that trade-related investment initiatives foster resilient, diversified and sustainable economic growth and that use of technology for facilitation of cross-border trade promotes integration of MSMEs in global trade. Prime Minister Narendra Modi has emphasized the G20’s responsibility to rebuild confidence in international trade and investment order, setting the future template. Commerce Minister Piyush Goyal had clearly stated that the focus of G20 Trade and Investment Ministerial Meeting (TIMM) will be on easing barriers to international trade and investment, helping boost productivity and output and fostering economic growth and prosperity for all.