India’s G20 Presidency Kicks Off with TIWG Meeting in Mumbai
The first Trade and Investment working group (TIWG) meeting under India’s G20 Presidency began on March 28th in Mumbai, bringing together over 100 delegates from G20 member countries, invitee countries, regional groupings, and international organizations. Over the course of the three-day meeting, participants will engage in deliberations aimed at accelerating global trade and investments.
Opportunities for Understanding G20 Working Areas
During the opening session, Sunil Barthval, Secretary of the Department of Commerce & Industry, delivered the keynote address, emphasizing the importance of the TIWG meeting in providing an opportunity for people to understand the various aspects of the G20 working areas. Secretary Barthval noted that many countries are facing recessionary problems and that the banking sector is also experiencing stress. He pointed out that the trade finance gap is widening and that it is time to deliberate and provide concrete solutions for mitigating the growing trade finance gap.
International Conference on Trade Finance
The first day of the TIWG meeting included an International Conference on ‘Trade Finance,’ organized by the Export Credit Guarantee Corporation of India (ECGC) and India EXIM Bank. The conference focused on the role of banks, financial institutions, development finance institutions, and export credit agencies in closing the trade finance gap, providing a macro view of current trends and future prospects.
Priorities for Global Trade and Investment
On March 29th, the TIWG meeting will be inaugurated by India’s Commerce & Industry Minister, Piyush Goyal, along with the 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 across four technical closed-door sessions.
Making Trade Work for Growth and Prosperity
The deliberations on March 29th will focus on making trade work for growth and prosperity and building resilient Global Value Chains (GVCs). The discussions will emphasize 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.
Integrating MSMEs in Global Trade and Building Efficient Logistics
On March 30th, the TIWG priorities will be on integrating Micro, Small, and Medium Enterprises (MSMEs) in Global Trade and building efficient logistics for trade. 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 developed and developing countries. The G20 delegates will also discuss ways of developing robust logistics infrastructure that could reduce transaction costs both across borders and in the hinterlands.
Building a Shared Understanding of Challenges
Under India’s G20 Presidency, the aim is to build a shared understanding of the challenges faced in accelerating global trade and investment and how existing opportunities can be harnessed to formulate human-centric concrete outcomes and deliverables. The TIWG meeting in Mumbai sets the stage for discussions on global trade and investment that can shape policy decisions and outcomes in the future.