BENGALURU: The rapid advancement of technology is reshaping the landscape of international trade, said Commerce Secretary Sunil Barthwal.
In his inaugural address at the 2nd G20 Trade and Investment Working Group (TIWG) meeting in Bengaluru on Tuesday, Barthwal also spoke about enhancing collaboration to enhance trade facilitation, including digital exchange of cross-border trade documents. He also called for deeper G20 collaboration to harness the transformative power of trade and technology for the benefit of economies and societies.
The G20 meeting discussed trade and technology cooperation among the G20 member countries. Representatives from member countries, industry and academic experts from around the world were present at the conference to engage in constructive dialogue and exchange of ideas in the field of business and technology.
Som Prakash, Minister of State for Commerce and Industry, in his keynote address emphasised that by working together we can overcome challenges, harness technology and build a prosperous future for all. Two-panel discussions were organised as part of the programme featuring international experts.
The session discussed emerging technologies and innovations such as additive manufacturing, generative AI, internet of things, blockchain, driverless vehicles and drones, and artificial intelligence including augmented/virtual reality. These technologies have significant potential to transform the global trade in goods while transforming traditional manufacturing processes and supply chains.
During this three-day meeting in Bengaluru, over 100 delegates from G20 member countries, invitee countries, regional groupings and international organisations will deliberate on reforming the multilateral trading system, integrating MSMEs in global trade, resilient GVCs, making trade work for growth and prosperity, and efficient logistics for trade.
The subject of WTO Reform, which is one of the priorities pursued by the Indian Presidency will be taken up for discussion in a technical session on May 24. On the second and third day, presentations will be made on the deliverables related to digitalisation of paper documents, such as Bills of Lading and Certificate of Origin that are critical for cross-border trade, and on developing an action plan to create Meta Information Portal for MSMEs, framework for mapping GVCs, a compendium of best practices on Mutual Recognition Agreements and on G20 Regulatory Dialogue.