The 18th G20 summit will take place under the Indian presidency in September 2023. The theme of the summit is “One Earth, One Family, One Future,” which will focus on humans, plants, animals, and microorganisms and their importance on planet Earth.
In this episode, we will explore the G20 Trade and Investment Ministerial Meeting (TIMM) that focused on “global trade and investment-related issues.”
The TIMM meeting held just before the onset of the G20 Summit discussed several trade-related issues. With more than 300 delegates, including heads of G20 member countries trade ministers, the TIMM focused on five priority issues.
The five PIs or priority issues are as follows:
- Trade for Growth and Prosperity
- Resilient Trade and Global Value Chains GVCs
- Integrating Micro, Small & Medium Enterprises MSMEs in World Trade
- Logistics for Trade
- World Trade Organisation WTO Reforms
Furthermore, Knowledge partners associated with the group discussed and made presentations of the outcomes from each of the five PIs.
An article published on PIB.GOV mentions the following:
“Amidst the global headwinds that international trade growth is facing, it is opportune for the G20 to reaffirm that the rules-based multilateral trading system, with the WTO at its core, is indispensable for advancing our shared objectives of inclusive growth, innovation, job creation and sustainable development.”
The member nations observed and suggested several refinements on each of the PIs. The presidency followed the suggestions to create a written draft for the Ministerial Statement and its annexes. The suggestions that were made by the member nations assisted in creating the next level of refinement in the draft, reflecting the G20’s commitment “to make global trade inclusive.”
The PIB.GOV article reads:
“It is expected that TIMM will pave way for trusted collaboration amongst G20 members to accelerate global trade and investment. It aims to co-develop tools that could leverage existing opportunities to make growth inclusive and transparent for all, resonating with Indian Presidency’s G20 theme of Vasudhaiva Kutumbakam.”
The Indian Presidency organized several Side Event Seminars, which highlighted the importance of the top five Priority Issues.
The side seminars dealt with Trade and Technology, Trade Finance, and Trade Infrastructure. The events were held in Ekta Nagar, Bengaluru, and Mumbai.
The G20 Summit to be held in September is crucial as it will assist India in highlighting its leadership qualities and the champion of the Global South.
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