Union Minister of Commerce & Industry and Railways, Piyush Goyal, participated in the G20 Ministerial Meeting on Trade and Digital Economy held in Tsukuba, Ibaraki, Japan, on June 8–9, 2019.
On the sidelines of the summit, Minister Goyal held a series of bilateral talks with host nation Japan, as well as representatives from the USA, UK, China, France, Singapore, Korea, Spain, Canada, the EU, Mexico, Saudi Arabia, South Africa, Chile, and Australia. During these meetings, he emphasized the urgent need for reciprocal market access for Indian products.
Addressing Global Trade Tensions
Minister Goyal expressed serious concern regarding the slowdown in global trade and investment, noting its adverse effects on economic growth, development, and job creation. He called for:
The de-escalation of trade tensions.
Reviving confidence in a rules-based multilateral trading system.
A commitment to free trade that is inclusive, development-centric, and focused on achieving Sustainable Development Goals (SDGs) while eliminating poverty.
The Role of Digital Technologies and Services
The Minister highlighted that services are now vital drivers of growth, noting the "servicification" of the manufacturing sector. To sustain global investment and growth, he stressed the need to remove barriers and facilitate the temporary movement of highly skilled professionals.
He also advocated for the support of MSMEs (Micro, Small, and Medium Enterprises) in developing countries. Given their role in job creation and livelihood support, India urged the G20 to provide preferential market access to MSMEs to ensure their integration into global supply chains.
The Interface of Trade and Digital Economy
Minister Goyal congratulated Japan for its forward-looking agenda regarding the growing interface between Trade and the Digital Economy. For the first time in G20 history, a joint session was held between Ministers of Digital Economy and Ministers of Trade and Investment.
In his address during these joint sessions, Goyal stated:
"There is no doubt that digital technologies are impacting our economies in a significant way, and nations that fail to adapt to these changing realities run the risk of being left behind. Technologies can be disruptive if not harnessed in the right time. Concerns over loss of jobs, revenue, and the erosion of competitiveness are real."
Looking Ahead to the Osaka Summit
The deliberations from these meetings on trade, investment, and the digital economy served as a foundation for the Osaka Summit Declaration, which was adopted on June 29, 2019.
