India is likely to seek resolution of several WTO-related issues, including the need for a better dispute settlement and a robust appellate mechanism. Pointing to export credit and trade finance are long-term issues which need to be tackled, government sources said that there will be discussions on digitising bills of lading as most countries are yet to build digital infrastructure for their documentation.
Government sources have indicated that that recent protests outside the Indian embassy in the United Kingdom won't have any impact on trade talks in the upcoming G20 Trade and Investment Working Group (TIWG) meeting scheduled to begin from March 28 in Mumbai.
The 3-day long meeting will feature over 100 delegates from G20 member countries, invitee countries, regional groupings and international organisations for deliberations on acceleration of global trade and investments.
India is likely to seek resolution of several WTO-related issues, including the need for a better dispute settlement and a robust appellate mechanism.
Pointing to export credit and trade finance are long-term issues which need to be tackled, government sources said that there will be discussions on digitising bills of lading as most countries are yet to build digital infrastructure for their documentation.
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Sources added that bills of lading are important trade documents which still in paper form, and can't be digitised unless there is a global consensus.
India's 4 priority issues at the upcoming TIWG meet are trade for growth & prosperity, trade & resilient value chains, integration of MSMEs in global trade and logistics for trade. The 2nd TIWG is slated to take place in Kewadiya in June, followed by the 3rd TIWG in Bangalore in July, and the 4th G20 TIWG ministerial meeting in Jaipur in August.
The seminar on "Trade and Finance" on March 28 will witness discussions on role of banks, financial institutions, development finance institutions and export credit agencies in closing the trade finance gap, and how digitalisation and fintech solutions can improve access to trade finance.
Another working sessions will witness discussions on making trade work for growth and prosperity, and building resilient Global Value Chains (GVCs), with an emphasis on: achieving shared outcomes for making growth inclusive and resilient, increasing the participation of developing countries and the Global South in GVCs, making GVCs work for inclusive development and building resilient GVCs to withstand future shocks.
The sessions on the concluding day will focus on TIWG priorities on integrating MSMEs in Global Trade and building efficient logistics for trade.
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