The G20 Trade and Investment Minister's Meeting (TIMM) and the 4th Working Group Meeting (TIWG) occurred in Jaipur, Rajasthan. Under India's G20 Presidency, the Trade and Investment Ministerial achieved significant consensus with five key deliverables outlined in the Trade Ministerial Meeting's outcome document:  

  • High-Level Principles for Digitalization: G20 Ministers established ten comprehensive principles for the digitalization of trade documents, facilitating a shift towards paperless trade. 

  • Jaipur Call for MSMEs: A Jaipur Call for Action was issued to improve information access for MSMEs. The International Trade Center (ITC) was tasked, in collaboration with UNCTAD and WTO, to enhance the Global Trade Helpdesk to address information gaps. 

  • G20 Generic Mapping Framework for GVCs: G20 Ministers endorsed a Generic Mapping Framework for Global Value Chains (GVCs), providing a structure for GVC data analysis and representation. 

  • Mutual Recognition Agreements (MRAs): G20 Ministers supported the sharing of best practices on MRAs for professional services and the development of a compendium of best practices in this regard. 

  • G20 standards dialogue: Acknowledging the importance of reducing regulatory divergences and trade costs, G20 Ministers welcomed the idea of a G20 standards dialogue in 2023. This dialogue will bring together members, policymakers, regulators, and standard-setting bodies to discuss common interests such as regulatory practices and standards. 

The G20-SIRU team has been instrumental in advancing the priority issue of integrating Micro, Small, and Medium Enterprises (MSMEs) into global trade through the Trade and Investment Working Group (TIWG). Their proactive efforts contributed to the formulation of the Jaipur Action Plan, subsequently incorporated into the Official G20 New Delhi Leader's Declaration. 

Trade and Investment Working Group

The Business 20 Summit, New Delhi 

The Business 20 India Summit 2023 took place at the Taj Palace and Bharat Mandapam, ITPO in New Delhi. The event was attended by esteemed dignitaries, including Prime Minister, Shri Narendra Modi, several Union Ministers, India's G20 Sherpa Mr. Amitabh Kant, and Business20 Chair Mr. N Chandrashekhar. This summit convened G20 trade ministers, global leaders, and experts to address critical global issues and offer recommendations for a sustainable and inclusive global economy through multiple focused plenary sessions. 

Business 20 Gala Dinner: The team efficiently organized the prestigious Business 20 Summit 2023 Gala Dinner, attended by over 800 distinguished dignitaries, including global business leaders, ministers, and ambassadors. Their impeccable planning encompassed everything from venue selection to logistics management and seamless coordination. This effectively showcased the Prime Minister's "5F" vision (Farm to fiber; fiber to factory; factory to fashion; fashion to foreign), ensuring that the event left a lasting impression and yielded fruitful outcomes. 

This occasion presented an exceptional opportunity for dignitaries to engage in meaningful dialogues while experiencing the rich cultural heritage of India.  The summit concluded with the symbolic handover of the B20 presidency from India to Brazil, marking the transition of leadership. The Prime Minister addressed the B20 Summit gathering in the valedictorian session. The event saw 1500+ Delegates, 800+ Overseas Delegates, 65+ Speakers, 59 Countries and 25+ Sessions. 

Following are the four key outcomes of the B20 India Summit: 

  • B20 Institute: B20 India suggests creating a global institute to address emerging global challenges, offering tailored solutions, and collaborating with think tanks and G20 legacy institutions. 

  • Accelerating financial support for decarbonization of the Global South: Given India's emphasis on addressing Global South concerns during its G20 Presidency, this initiative aims to align decarbonization paths in key sectors between the North and South.  

  • A Global SDG Achievement Fund (GSAF): Propose a global multi-donor fund, the GSAF, where G20 and the next ten largest GDP countries contribute capital based on a formula involving their GDP and per capita GDP as a percentage of world per capita GDP. 

  • Compendium of Best Practices on Innovation Projects from India and other G20 Economies: The B20 Task Force on Technology, Innovation, and R&D compiled a Compendium of over 125 innovative projects from India and other B20 nations. It serves as a global knowledge resource to inspire solutions beyond the obvious. 

The SIRU G20 Team's active participation in the B20 summit showcased their effective administrative and strategic support. The team conducted extensive policy research, engaged stakeholders, and adeptly crafted a communique with policy recommendations. Their thorough planning contributed to a successful summit attended by dignitaries like the Prime Minister and Union Ministers. This event facilitated meaningful global discussions and generated sustainable economic recommendations during thematic sessions. 

The Business 20 Summit, New Delhi

 

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