In an effort to strengthen trade relations and address bilateral trade matters, India is gearing up to engage in free trade discussions with key global partners on the sidelines of the upcoming G20 meeting. A prominent trade official disclosed this information on Friday, shedding light on India’s strategic trade agenda.
Bilateral Trade Talks
India’s trade secretary, Sunil Barthwal, revealed that the nation has set its sights on conducting bilateral free trade negotiations with the United Kingdom, the European Union, and Canada. These talks are scheduled to take place during the G20 meeting next week. Additionally, discussions concerning bilateral trade concerns with the Russian delegation are also slated to occur on the fringes of the event.
G20’s Trade Focus
The G20’s trade ministers are poised to convene in Jaipur for the Trade and Investment Ministerial meeting, scheduled for August 24-25. Among the expected topics for deliberation are matters of trade and World Trade Organisation (WTO) reforms. The trade secretary, Sunil Barthwal, conveyed to reporters that the issue of WTO reforms holds a position of prominence within the G20’s agenda.
Fostering Global Economic Growth
With the G20 member countries collectively accounting for approximately 85% of the global Gross Domestic Product (GDP), the agenda is anticipated to encompass crucial matters that contribute to fostering global economic growth. Particular attention will be directed towards exploring the role of logistics in expanding global value chains and facilitating the involvement of small businesses in international trade.
A diverse array of nations, including France, Indonesia, South Korea, Turkey, the United Kingdom, the United States, and the European Union, have confirmed their participation in the meeting. This broad representation underscores the significance of the G20 as a platform for international collaboration on trade-related matters.
Streamlining Trade Processes
One of the primary objectives of the trade ministers’ discussions is to forge consensus on the reduction of transaction costs through the establishment of a paperless global trading system. Simultaneously, they aim to devise strategies that empower small businesses to actively participate in global trade networks. The trade ministry elaborated on these intentions in a statement released to the press.
As India positions itself on the forefront of fostering international trade relationships, the forthcoming G20 meeting holds the promise of fruitful deliberations that could potentially shape the trajectory of global trade dynamics. The discussions with the UK, EU, Canada, and other participating nations are anticipated to serve as crucial building blocks in the quest for enhanced global economic collaboration.