G20: India hopeful of reaching consensus on key trade areas
India is hopeful of a «good outcome document» and consensus among G-20 members on the five key areas of trade and investment at the two-day trade ministers' meet beginning Thursday.
Commerce and industry minister Piyush Goyal said that the members are looking at reaching a consensus on a «Jaipur call for action».
India has identified five priority issues-growth and prosperity, resilient global value chains, MSMEs, logistics, and World Trade Organization (WTO) reform-under its G-20 presidency from December 1, 2022 to November 30, 2023.
«We have been able to come up with significant consensus amongst the member countries invoking a Jaipur call for action,» he said, adding that it will help promote industry, MSME sector, upgrade the global trade help desk, and bridge information gaps for MSMEs to help them expand their business and trade.
Goyal was addressing the media at the G-20 trade and investment ministers' meeting in Jaipur on Wednesday. He said the members have deliberated on formulating high-level principles for digitalisation of trade and trade facilitation.
«We are confident that tomorrow and day after ministerial meetings will come up with a concrete actionable outcome agenda, which will help the world withstand any future shocks,» he said.
On WTO reforms, he said India wants the dispute settlement mechanism of the multilateral trade watchdog to work smoothly.
Russia-Ukraine conflict shadow
On the Ukraine-Russia conflict casting a shadow on the G-20 trade and investment track outcome, he said that there are realities on which consensus is not possible.
