Our trade thrust has been in sync with the G20 agenda
That India hosted one of the most successful G20 summits of all under its presidency, that too amid a difficult global geo-political and economic scenario, is commendable. Conducting a G20 summit is like an orchestra, where different ministries, departments and government bodies of the host country work seamlessly under the leadership of the concert-master—in our case, Prime Minister Narendra Modi. With the G20 success, India has shown its skills of coordination, planning and execution to the world.
And with the theme of ‘Vasudhaiva Kutumbakam,’ India’s G20 presidency has focused on the philosophy of living in harmony and working together on concrete actions to address global challenges and accelerate the effective implementation of the 2030 Sustainable Development Goals (SDGs). Predictable and equitable trade relations are essential to implement the 2030 agenda and free trade agreements (FTAs) play a key role by helping develop strong trade relationships. FTAs provide businesses with a predictably stable long-term environment amid global uncertainties.
The G20 members account for more than 80% of world gross domestic product (GDP), 75% of global trade and 60% of the world’s population. Hence, their role in setting the path of global trade cannot be overestimated. The inclusion of the African Union in the G20 under the current presidency strengthens the voice of the Global South and enhances the status of this forum.
The plurilateral body is now a more balanced multilateral body. Let’s focus on trade and the role of FTAs. Several issues, ranging from the removal of tariffs and non-tariff barriers to collaboration over regulations and standards, resilient global value chains and the integration of Micro, Small and Medium
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