1st G20 Trade and Investment Working Group Meeting From Tomorrow In Mumbai
The 1st TIWG meeting under India’s G20 Presidency is scheduled in Mumbai, from March 28th − 30th, 2023. During this three-day Meeting, over 100 delegates from G20 member countries, invitee countries, regional groupings and international organizations will engage in deliberations to accelerate global trade and investments. Over 50 delegates have already arrived in Mumbai to attend the meeting.
The Secretary, Department of Commerce, addressing a press conference on the First Trade and Investment Working Group Meet, in Mumbai today
On the first day, on March 28th, an International Conference on on ‘Trade Finance’ will be held. The role of banks, financial institutions, development finance institutions and export credit agencies in closing the trade finance gap, and how digitalisation and fintech solutions can improve access to trade finance will be discussed through two panel discussions. Eminent speakers from India and abroad have been invited to deliberate and provide concrete solutions for mitigating the growing trade finance gap. It will be followed by a guided tour of Bharat Diamond Bourse for the G20 delegates.
Various experience zones on spices, millet, tea and coffee will be set up, and an exhibition on textiles will be on display during the TIWG meeting at the conference venue.
On March 29th, the TIWG Meeting will be inaugurated by Hon’ble Commerce & Industry Minister of India, Shri Piyush Goyal, along with Hon’ble Minister of State for Finance, Dr. Bhagwat Kishanrao Karad. The priorities related to global trade and investment, which the Indian Presidency is pursuing, will be discussed on March 29th and 30th across four technical closed-door sessions.
On March 29th, the deliberations will focus on making trade work for growth and prosperity, and building resilient Global Value Chains (GVCs). The emphasis will be on achieving shared outcomes for making growth inclusive and resilient, increasing the participation of developing countries and the Global South in GVCs, and building resilient GVCs to withstand future shocks.
On March 30th, the TIWG priorities on integrating MSMEs in Global Trade, and building efficient logistics for trade will be discussed in the two working sessions. The Indian Presidency aims to carry forward the work done by past G20 Presidencies to better integrate MSMEs into global trade, considering their primacy in sustaining livelihoods in both the developed and developing countries. The G20 delegates will also discuss the ways of developing robust logistics infrastructure that could reduce transaction costs both across borders and in the hinterlands.
The aim under India’s G20 Presidency is to build a shared understanding of the challenges being faced in accelerating global trade and investment, and how existing opportunities can be harnessed to formulate human-centric concrete outcomes and deliverables.