Piyush Goyal has emphasized the need for reciprocal market access for Indian
products during the course of his bilateral meetings he held with leaders
of a number of countries on the side
lines of the two day G20 Ministerial on Trade and Digital Economy in Tsukuba,
Ibaraki, Japan on June 8-9 .
The Minister held
bilateral meetings with host Japan and countries like USA, UK, China, France,
Singapore, Korea, Spain, Canada, EU, Mexico, Saudi Arabia, South Africa, Chile
in global trade and investment, serious concern to all
He said that the
slowdown in global trade and investment is of serious concern to all of us as
it adversely affects economic growth, development and job creation. He called
for de-escalating trade tensions and reviving confidence in the rules based
multilateral trading system which all countries had so painstakingly created.
focus on meeting goals of SDGs, eliminating poverty
Minister said that while India is committed to working towards building free trade,
that is inclusive and development centric to bring prosperity to people around
the world, focus on the imperatives of meeting the goals of SDGs, and
eliminating poverty and deprivation must not be lost.
sector gaining ground due to servicification
reiterated that with the advent of digital technologies, services are vital
drivers of growth. Servicification of the manufacturing sector is enhancing the
importance of services in global trade. Major investment is also being driven
by the services sector. Thus, we need to remove barriers and facilitate
temporary movement of highly skilled professionals to sustain this investment
crucial for jobs and income generation
Mr Goyal pointed
out another way to go about correcting this, is by supporting greater
participation of MSMEs in developing countries both in domestic and global
trade, because they are crucial for jobs and income generation, on which
livelihood of millions are dependent. India urges G20 to provide preferential
market access to MSMEs in developing countries to be part of the Global supply
At the end of the 2
day sessions Commerce Minister congratulated Japan for taking initiative of
putting for that forward looking agenda, of the growing interface, between
Trade and Digital Economy. For the first time a joint session with ministers of
digital economy and trade and investment was held in G20 to discuss the
interface between digital economy and trade. The Union Minister of Commerce
& Industry and Railways represented India in both the Joint sessions.
technologies impacting economies
In his address
Mr.Goyal said that there is no doubt that digital technologies are impacting
our economies in a significant way and nations that fail to adapt to these
changing realities run the risk of being left behind. Technologies can be
disruptive if not harnessed in right time. The Minister further said that
concerns over loss of jobs, revenue, erosion of competitiveness are real.
on trade, investment and digital economy will feed into the Osaka Summit
Declaration which will be adopted on June 29th.