Mumbai: The 1st G20 Trade and Investment Working Group (TIWG) meeting concluded on Thursday in Mumbai. Addressing the closing session on Thursday, Union Minister for Commerce and Industry Piyush Goyal stated that India chose to take up G20 Presidency during a tough geopolitical and globally critical economic environment.
He said that since 2023 marks the 75th year of India’s independence, this is an opportune time for the country to share its ancient wisdom with the world to find a middle path where ancient wisdom can be integrated with advanced technology for building “One Earth, One Family, and One Future”. Mr. Goyal added that throughout India’s illustrious past, the country has been the torchbearer of democracy, diversity, and inclusion.
Mr. Goyal also highlighted the theme of India’s G20 Presidency which aims to promote universal values and adoption of a human-centric approach.
During this three-day working group meeting, over 100 delegates from G20 member countries, invitee countries, regional groupings, and international organizations were present in Mumbai, the financial capital of India. The deliberations specifically revolved around accelerating global trade and investment, while simultaneously progressing toward achieving Sustainable Development Goals.
The priorities related to global trade and investment, which the Indian Presidency is pursuing, were discussed on March 29th and 30th across four technical closed-door sessions.
On 29th March, the deliberations focused on making trade work for growth and prosperity, and the way forward for building resilient Global Value Chains (GVCs). On March 30th, the TIWG priorities on integrating Micro, Small, and Medium Enterprises (MSMEs) in global trade, and building efficient logistics for trade were discussed in the two working sessions.