The G20 Trade and Investment Ministerial Meeting TIMM will be held in Jaipur on 24th and 25th August, 2023. The meeting will be preceded by the 4th and last Trade and Investment Working Group TIWG meeting under India’s G20 Presidency which will take place on August 21 and 22, 2023 in Jaipur. The first three TIWG meetings were held in Mumbai, Bangalore and Kevadia respectively.
Both the meetings will be attended by more than 300 delegates, including trade ministers/secretaries and heads of delegations from G20 member countries, invitee countries, regional groupings and international organisations. The deliberations will focus on building consensus on global trade and investment-related issues, along with accomplishing action-oriented proposals put forward by the Indian Presidency.
During the 1st and 2nd TIWG meetings, five Priority Issues PIs, namely Trade for Growth and Prosperity, Resilient Trade and Global Value Chains GVCs, Integrating Micro, Small & Medium Enterprises MSMEs in World Trade, Logistics for Trade and World Trade Organisation WTO Reforms were extensively discussed among the G20 member/invitee countries.
In addition, Knowledge Partners made presentations during these meetings, outlining each of the subjects and outcomes emerging from them. Based on the opinions/suggestions expressed by the G20 member/invite countries in these discussions, Indian Presidency has formulated action-oriented concrete proposals on each of the priority issues reflected in the Ministerial Statement and its annexures.
Amidst the global headwinds that international trade growth is facing, it is opportune for the G20 to reaffirm that the rules-based multilateral trading system, with the WTO at its core, is indispensable for advancing our shared objectives of inclusive growth, innovation, job creation and sustainable development.
Technology has profoundly impacted the way cross-border trade is undertaken. Paperless trading system will further reduce transaction costs, make smaller shipments more cost effective, and will enable internationalization of operations at a lower cost, ensuring trade competitiveness in a rapidly digitalizing world and in G20 this issue has been taken up prominently.
