Minister of Commerce Suresh Prabhu will participate in the G-20, Trade and
Investment Ministerial Meeting, being held in Mar del Plata in Argentina on
September 14th – 15th.. The meeting will provide an
opportunity for a dialogue on current developments in international trade and
its implications for the global economy.
Ministerial Meeting will discuss about building an inclusive trade system that
contributes to sustainable and shared growth. Trade and investment must benefit
all and countries must jointly address both the opportunities and challenges of
globalization, innovation and technological advancements. The Ministerial
Meeting will examine the inter relationship between trade and development with
a special emphasis on the need to promote further integration of small and
medium sized companies into international trade, and the opportunities posed by
the digital economy and new technologies.
Ahead of the meeting, the Commerce Minister said that India will
work along with other countries to reform WTO and ensure that it continues to
be an engine for global trade. The Minister further said that India looks
forward to working with all member countries for an agreeable, forward looking,
reform agenda. Through the G-20 forum India will take this idea forward in
mission mode. Further, the key issues that will be discussed in the Ministerial
Meeting include global value chains, the new industrial revolution and the
international trade outlook. The multilateral trading system is facing
unprecedented challenges in the wake of protectionist measures by some
countries, which is not compatible with the WTO.
G-20 is made up of 19 countries and the EU. The countries are
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia,
Italy, Japan, Republic of Korea, Mexico, Russia, Saudi Arabia, South Africa,
Turkey, the United Kingdom and the United States. The other invited members are
Chile, Netherlands, Spain and representatives of regional groups of Jamaica,
Rwanda, Singapore and Senegal.
G-20 members represent 75 per cent of international trade, half
of foreign direct investment flows, half of foreign flows and 80 per cent of