India has identified five priority issues-growth and prosperity, resilient global value chains, MSMEs, logistics, and WTO reform-under its G20 presidency from December 1, 2022 to November 30, 2023.
The commerce and industry ministry- the nodal agency for the G20 Trade and Investment Working Group (TIWG), is likely to propose a common digital platform for ease of cross-border trade, a legal aid system for developing countries for dispute settlement in WTO, ways to eliminate distortionary non-tariff measures for developing countries and LDCs, and a framework to address crucial issues at the WTO in clearly defined circumstances like the Covid-19 pandemic.
“Issues are evolving and we want a good outcome in G20,” said an official.
Another topic suggestion for discussion could be around establishing an online digital portal that offers integrated trade and business information for market research by MSMEs.
“G20 could deliberate upon a possible framework for addressing the issues of global relevance for enabling members to go beyond the general exceptions under the WTO agreements, in very narrow and clearly defined circumstances like the pandemic,” the ministry has proposed.
Evolving common principles to facilitate decentralised trading, an inclusive trade action plan that defines clear objectives for driving inclusion in goods and services trade, and evolving principles to ensure food security through remunerative prices of farm goods has also been proposed.
Geospatial mapping of global value chains (GVCs) for critical and essential sectors, network restructuring, supply chain management solutions and building awareness of risks of acute supply chain disruptions is another priority area. The emphasis on global value chains is key as in its issue note for the TIWG, the ministry has said that the path to recovery from the pandemic has been “slow and fragile” and has been “complicated by the supply shocks t ..