India for G20 unity on trade, investment
JAIPUR : India is hopeful that ministers from the world’s 20 biggest economies set to meet in Jaipur will be able to strike a consensus on key areas of trade and investment even as differences persist over the Ukraine war, commerce minister Piyush Goyal said on Wednesday. The two-day meeting of G20 trade and investment ministers begins on Thursday.
The Ukraine war has been at the centre of G20 discussions so far, and disagreements have seen several meetings end without a communique. A meeting of finance leaders in February and G20 finance ministers and central bank governors in July both failed to produce communiques after Russia and China opposed any reference to the Ukraine war.
“We have been able to come up with significant consensus among member-countries invoking a ‘Jaipur call for action’. It will help promote industry, the MSME sector, upgrade the global trade helpdesk and breach information gaps for MSMEs to help them expand business and trade," Goyal told reporters.
Talking about India’s priorities in the ministerial, Goyal said it is important to revive the World Trade Organization’s dispute settlement mechanism that has been dysfunctional for several years. “During the WTO’s inception, the thought was that decisions should be taken keeping in mind the principle of common but differentiated responsibility (CBDR) which means that countries should be given responsibility according to their growth potential," Goyal said.
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