Friday, July 12, 2024

G20: Gujarat gears up for Trade and Investment Working Group meeting

The third meeting of the Trade and Investment Working Group (TIWG) is scheduled to take place in Kevadia, Gujarat from July 10 to 12 .

The meeting will be held at the site of the imposing Statue of Unity and is set to be attended by more than 75 delegates from G20 member countries, invitee nations, regional assemblies, and international organisations.

The focus of the three-day meeting is to build consensus on action-oriented proposals put forward by the Indian Presidency. These proposals address issues related to global trade and investment, a topic that was extensively deliberated upon during the first two TIWG meetings.

Five priority issues have been highlighted for the meetings, including Trade for Growth & Prosperity, Resilient Trade and Global Value Chains (GVCs), Integrating MSMEs in World Trade, Logistics for Trade, and World Trade Organization (WTO) Reforms.

The Indian Presidency has formulated concrete, action-oriented proposals based on the opinions and suggestions made by the G20 member and invitee countries during previous discussions.

These proposals aim to develop a holistic approach to trade and investment challenges, focusing on digitalising trade documents, creating an information interface for MSMEs, generating a generic mapping framework for GVCs, fostering regulatory dialogue, and compiling best practices for Mutual Recognition Agreements (MRAs).

The upcoming meeting will include technical sessions on July 11 and July 12, during which specific inputs and comments from the G20 members and invitee countries will be solicited. The feedback will be incorporated into a Ministerial Communique, set to be adopted at the G20 Trade and Investment Ministerial Meeting in Jaipur from August 24 to August 25, 2023.

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