India: G20 Trade, Investment Meeting focuses on economic growth, prosperity

NEW DELHI, Aug 24 (KUNA) -- Indian Commerce and Industry Minister Piyush Goyal said on Thursday that the G20 Trade and Investment Ministerial Meeting would focus on fostering economic growth and prosperity for all by easing barriers to international trade and investment.

Addressing the opening session of two-day G20 Trade and Investment Ministerial Meeting in Jaipur city of Rajasthan, the Indian minister said that boosting productivity and output would be a major focus of the deliberations, Indian ministry of Commerce and Industry said in a statement.
He also appealed to G20 Ministers to work collectively to achieve concrete, decisive and action-oriented outcomes.
The meeting will also focus on formulating shared outcomes on issues related to the multilateral trading system, inclusive trade and ease of trade and business.
The G20 meeting will have sessions on multilateral trade for global growth & prosperity; inclusive and resilient trade and leveraging technology for paperless trade, he said, adding that these sessions are expected to bring out significant outcomes especially in addressing current multinational challenges.
"He noted that in today's interconnected world, the concept of global value chains has revolutionized the way nations engage in trade and investment," the minister said. The minister also underlined the role of Micro, Small and Medium Enterprises (MSMEs) in the global economy and said that India is making all efforts to give them continuous support. He also stated that MSMEs are creating jobs and contributing significantly to overall economic growth and are functioning as backbone of economies. The Minister also told the G20 trade and investment ministers that paperless trading is a critical step towards streamlining cross border transactions especially for reducing administrative delays and improving the pace in trade operations. He also stressed the need for reforming the World Trade Organization (WTO) to have a more dynamic and inclusive trade environment. "He said that 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," it added. On his part, Indian Prime Minister Narendra Modi told the opening session through video conferencing that trade plays a vital role in our life as it led to the exchange of ideas, cultures, and technology in addition to bringing people closer. "Trade and globalization have also lifted hundreds of millions out of extreme poverty", Modi said. He also highlighted possibilities of Indian economy. "Today, India is seen as a combination of openness, opportunities and options," he said.
He said that India has become the fifth-largest global economy because of the sustained efforts by the government.
He added that there was increased competitiveness and enhanced transparency, expanding digitization and the promotion of innovation.
The two-day G20 Trade and Investment Ministerial Meeting under India's Presidency that began today in the Jaipur city of Rajasthan is expected to see participation of around 300 delegates from across the world including G20 ministers, ministers from invited nations, representatives of multinational and regional trade and investment institutions. (end) atk.gta.