Second G20 Trade and Investment working group meeting to be held in Bengaluru from May 23-25

New Delhi, May 19 (KNN) The second Trade and Investment working group meeting under India’s G20 presidency is all set to be held in Bengaluru from May 23- 25, 2023.

The meeting will be inaugurated by the Union Minister of State for Commerce and Industry, Anupriya Patel on May 24.

During the three-day meeting, over 100 delegates from G20 member countries, invitee countries, regional groupings and international organizations will deliberate on reforming the multilateral trading system, integrating MSMEs in global trade, resilient GVCs, making trade work for growth and prosperity, and efficient logistics for trade.

On the first day of the event, a seminar on Trade and Technology will be organized. During the seminar, themes such as technology reshaping trade and the role of technology in driving inclusive growth will be deliberated.

The subject of WTO Reform, which is one of the priorities pursued by the Indian Presidency will be taken up for discussion in a technical session on May 24, 2023.

The emphasis of these discussions will be on reaffirming WTO’s foundational principles, as embodied in the Marrakesh Agreement and its multilateral trade agreements, thus recognizing the need for open, inclusive and transparent functioning of WTO, an official statement from the ministry of commerce and industry said.

During the course of the three- day meeting, presentations will be made on the deliverables related to digitalization of paper documents, such as Bills of Lading and Certificate of Origin that are critical for cross-border trade, and on developing an action plan to create Meta Information Portal for MSMEs, framework for mapping GVCs, a compendium of best practices on Mutual Recognition Agreements (MRAs) and on G20 Regulatory Dialogue.

India under its G20 presidency aims to build a shared understanding of the challenges faced in accelerating global trade and investment, and leveraging existing opportunities to make growth inclusive and transparent.  (KNN Bureau)