G20: Trade and Investment Working Group meeting in Bengaluru from today

BENGALURU: The second Trade and Investment Working Group meeting, under India's G20 Presidency, will begin in Bengaluru on Tuesday.

During this 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 the Ministry of Micro, Small and Medium Enterprises (MSME) in global trade, making trade work for growth and prosperity and efficient logistics for trade.

According to the Ministry of Commerce and Industry, a seminar on trade and technology will be organized on the first day. Themes, such as technology reshaping trade and the role of technology in driving inclusive growth will be deliberated in two-panel discussions, featuring domain experts, academicians and practitioners.

The seminar will be followed by a guided city tour, a cultural program and Gala Dinner for the G20 delegates.

The subject of World Trade Organization (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.

On the second and third days, presentations will be made on the deliverables related to the 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, a framework for mapping GVCs, a compendium of best practices on Mutual Recognition Agreements (MRAs) and on G20 Regulatory Dialogue. These deliverables have emerged from deliberations that took place during the first meeting held in Mumbai in March.

The aim of India's G20 Presidency is 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.