Goyal highlights inclusive trade and paperless transactions

25 Aug 2023 CW Team

In his address, Minister Goyal urged G20 members and invitees to collaborate on tangible outcomes that address challenges related to the multilateral trading system, inclusive trade, and ease of business. The TIMM has concentrated its discussions on shared resolutions, focusing on fair and sustainable trade policies.

The three core sessions of TIMM include discussions on Multilateral Trade for Global Growth and Prosperity, Inclusive and Resilient Trade, and Leveraging Technology for Paperless Trade. These sessions aim to address contemporary global challenges and generate impactful solutions.

The Minister spotlighted the significance of Micro, Small, and Medium Enterprises (MSMEs) in the global economy. He highlighted India's commitment, under Prime Minister Narendra Modi's leadership, to support and integrate MSMEs into the global trade ecosystem. Goyal stressed the importance of enabling equitable access and participation for MSMEs in international trade, citing the successful integration of MSMEs into India's Government e-Marketplace (GeM).

Goyal underlined the role of paperless trading in enhancing cross-border transactions' efficiency. He drew attention to India's PM GatiShakti initiative, which utilises GIS data to improve infrastructure and logistics planning. Goyal also stressed the need for WTO reforms that reflect the evolving global economic landscape and promote inclusivity.

He concluded by highlighting G20's collaborative spirit, noting that its decisions significantly impact economies, livelihoods, and the world's future. Minister Goyal's insights underscore G20's commitment to fostering inclusive growth and streamlining trade processes for a more efficient and prosperous global economy.

Union Minister of Commerce and Industry, Consumer Affairs, Food and Public Distribution, and Textiles, Shri Piyush Goyal, highlighted the key priorities of the G20 Trade and Investment Ministerial Meeting (TIMM) in Jaipur. The event aims to foster global economic growth by reducing trade barriers, increasing productivity, and embracing inclusive trade practices.In his address, Minister Goyal urged G20 members and invitees to collaborate on tangible outcomes that address challenges related to the multilateral trading system, inclusive trade, and ease of business. The TIMM has concentrated its discussions on shared resolutions, focusing on fair and sustainable trade policies.The three core sessions of TIMM include discussions on Multilateral Trade for Global Growth and Prosperity, Inclusive and Resilient Trade, and Leveraging Technology for Paperless Trade. These sessions aim to address contemporary global challenges and generate impactful solutions.The Minister spotlighted the significance of Micro, Small, and Medium Enterprises (MSMEs) in the global economy. He highlighted India's commitment, under Prime Minister Narendra Modi's leadership, to support and integrate MSMEs into the global trade ecosystem. Goyal stressed the importance of enabling equitable access and participation for MSMEs in international trade, citing the successful integration of MSMEs into India's Government e-Marketplace (GeM).Goyal underlined the role of paperless trading in enhancing cross-border transactions' efficiency. He drew attention to India's PM GatiShakti initiative, which utilises GIS data to improve infrastructure and logistics planning. Goyal also stressed the need for WTO reforms that reflect the evolving global economic landscape and promote inclusivity.He concluded by highlighting G20's collaborative spirit, noting that its decisions significantly impact economies, livelihoods, and the world's future. Minister Goyal's insights underscore G20's commitment to fostering inclusive growth and streamlining trade processes for a more efficient and prosperous global economy.

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