New Delhi, Sep 18 (KNN) Commerce and Industry Minister Suresh Prabhu led the Indian delegation for the G-20 Trade Ministers Meeting (TMM) held at Mar del Plata, Argentina.

He urged to support transfer of technology, research, promote agricultural services and responsible investment in agricultural businesses with an aim to encouraging greater value addition for MSMEs.

He highlighted that, as developing countries and LDCs suffer consequential collateral damage due to trade conflicts, resolution of differences through dialogue between the parties should be promoted.

He urged G-20 to focus on the potential of Services for enhancing the global trade, keeping in view that Services contribute more than 50% to the World GDP.

Endorsing India's commitment to the rule-based multilateral trading system, Suresh Prabhu called for collective action for revitalizing WTO without undermining its core principles of special and differential treatment, consensus building, inclusiveness and transparency.

Suresh Prabhu further underlined various other issues like the relevance of keeping in focus realization of Sustainable Development Goals (SDGs) 2030 targets relating to removal of hunger, alleviation of poverty, empowerment of women, employment generation, without losing sight of the plight of millions of small and marginal farmers in developing countries and LDCs.

He further drew attention to the need for tackling non-tariff barriers in the form of SPS measures that are more trade distorting than tariffs.

Suresh Prabhu also drew attention to the need for minimizing technology disruptions and promoting distributive gains for the collective good of all countries and, in this regard, he urged G-20 to work towards closing gaps in the digital divide within and across nations through capacity building measures, technology adaptation and meaningful investments to give primacy to protection and promotion of domestic entrepreneurs with an aim to job creation for millions of youth.

He underlined the need for a holistic approach to the NIR, one that is inclusive and development oriented.

The Ministers held a shared view that the global trade and economic situation was at a critical stage due to the ongoing trade tensions, riven largely by protectionist and unilateral measures by some countries and resolved to collectively work towards enhancing confidence in international trade through dialogue and collaborations.