As disruptions to global supply chains from the covid-19 epidemic and Ukraine crisis drove freight prices to record levels last year, New Delhi’s G20 presidency will place a high priority on providing poor countries with fair and equal access to logistics in international trade.
In December of last year, India was elected to lead the G20, and this year, it will preside over more than 200 multilateral conferences. Although it has little official authority, the presidency is crucial in determining the tone of discussions on a global level. Around 80% of the global economy and close to 75% of international trade are contributed by G20 members.
The Commerce department is getting ready for the trade and investment working areas where there will be five working groups such as logistics, growth, World Trade Organization (WTO) reforms, MSMEs and the resilient global value chains. The department is th nodal department for the trade and investments which will be organized in March-end In March followed by Bengaluru, Jaipur and Kevadia .
India will be initiating Government E-marketplace (GeM), Open Network for Digital Commerce (ONDC) and the benefits of the platforms. Similarly, the officials want to leverage G20 Talks on WTO reforms since the member nations are gearing up for WTOs 13th ministerial conference in UAE next year .
India will be developing to address crucial issues at the WTO in circumstances. This also includes the COVID-19 pandemic. An official said, “We want to focus on how small businesses can play a larger role in trade and how they can adopt technology. With initiatives (in India) such as ONDC, we will try to being focus on how these tools can be used, with specific focus on MSMEs”
