“World Trade Organization (WTO) forms the backbone of the multilateral trading system. There is a need to address the WTO reforms on a top-priority basis.” As stressed by Anupriya Patel, Minister of State for Commerce and Industry, while delivering the keynote address at the second-day event of the 2nd Trade and Investment Working Group Meeting in Bengaluru today. Patel further said that the priorities pursued by G20 under India’s Presidency for Trade and Invest Working Group are a blend of continuity from the previous Presidencies and these reflect upon the additional challenges which need global attention. During the inaugural session on day one, Som Parkash, Union Minister of State for Commerce and Industry said, “We aim to position India as the global leader in the international landscape. India is set to become the second-largest e-commerce market by 2034 internationally. India with a vibrant technology ecosystem, workforce, and visionary leadership will successfully navigate the complexities. Through open markets, government support, and worldwide integration, we have witnessed great transformation.”
The Minister further said that India has made significant progress in facilitating ease of doing business. Extensive reforms have streamlined processes, reduced bureaucratic hurdles, and enhanced transparency. India offers immense opportunities across various sectors, including manufacturing, infrastructure, and technology. We are dedicated to creating an investor-friendly landscape by providing a stable policy framework, protecting intellectual property rights, and ensuring the availability of skilled talent. Sunil Barthwal, Secretary, of the Department of Commerce said that WTO has effectively played the role and therefore, the inclusive efforts aimed at the multilateral trading system. It is important to mention that nearly 75 delegates from G20 member countries, invitee countries, regional groupings, and international organizations are engaged in deliberations in the three-day event to accelerate global trade and investment. The aim, of India’s G20 Presidency, is to build a shared understanding of the challenges faced in global trade and investment.