September 16, 2018
The meet discussed measures to develop sustainable and inclusive international trade ecosystem and its implications for global economic growth as well as societal development
G20 leaders discussed ways to integrate small and medium sized firms into international trade, to maximise opportunities in global value chains, and to reap benefits of digital economy
The G20 organisation represents 85 per cent of global economic output, 66 per cent of global population, 75 per cent of international trade and 80 percent of global investment
Mr Prabhu held 24 bilateral meetings on the sidelines of the G-20 summit, along with sessions on international trade, agro food value chain and new industrial revolution
Union Minister of Commerce and Industry and Civil Aviation, Suresh Prabhu, represented India at the G-20 Trade and Investment Ministerial, which was organised in Mar del Plata, Argentina, over September 14-15. The meet discussed measures to develop sustainable and inclusive international trade ecosystem and its implications for global economic growth as well as societal development. The G-20 bloc includes the world’s 19 largest economies and the European Union. The meeting also discussed ways to address both the opportunities and challenges of globalization, innovation and technological advancements.
At the meet, the G20 leaders discussed ways to integrate small and medium sized firms into international trade, to maximise opportunities in global value chains, and to reap opportunities posed by digital economy and new technologies. The bloc represents 85 per cent of global economic output, 66 per cent of global population, 75 per cent of international trade and 80 percent of global investment. G20’s outreach has attained critical importance especially amid growing protectionism of the world’s leading economies, which is not compatible with the guiding principles of the the World Trade Organization.
Mr Prabhu also attended the G-20 Trade Ministers meeting, which was attended by G20 leaders, eight guest countries and international organisations such as WTO, ITC, OECD, World Bank, IMF, CAF and IADB. Discussions at the event focussed on international trade developments, trade and investment aspects of Agro Food Global Value Chains and trade and investment aspects of the New Industrial Revolution. Mr Prabhu held 24 bilateral meetings on the sidelines of the G-20 meeting. As Argentina is the President of G-20 this year, last month the country has organised the G20 Digital Economy Ministerial in August.