India’s Commerce Minister Piyush Goyal speaks during a news conference in New Delhi, India. (Photographer: T. Narayan/Bloomberg)

Piyush Goyal To Lead Indian Delegation For G-20 Meet On Trade In Japan

Commerce Minister Piyush Goyal will discuss the global trade scenario, World Trade Organization matters and digital trade during a two-day G-20 ministerial meeting beginning Saturday in Tsukuba city, Japan, an official release said.

Goyal, who is leading the Indian delegation on trade and digital economy, will also hold dialogue with other participating trade ministers on current international trade and investments, said the release of the commerce ministry.

"The G-20 Trade Ministers deliberations will form part of the G-20 Summit Leaders agenda in the formal discussions and will also be a part of the Summit Declaration," it added.

Ever since G-20 was formed India has been actively participating in the meetings. Although there are no binding commitments in G-20, it sets the agenda for multilateral trade relations.

The G-20 members represent two-thirds of the world's population and 85 percent of its economy.

G-20 is made up of 19 countries and the European Union. The 19 countries are —Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey, the U.K. and the U.S.

In his first visit abroad after assuming charge, Goyal will take this opportunity to interact with various trade ministers of participating countries, including host Japan, the release said.

The commerce minister will hold bilateral meetings on the sidelines of G-20 in order to sensitise India's core interests in trade and investment issues and build coalition with like-minded countries for defending the interests of developing countries.

Over 50 trade and digital economy ministers will get together for the first time in G-20 history in Tsukuba to discuss how their economies can promote trade and investment and maximise benefits from the development of the digital economy and technologies to ensure sustainable growth of the global economy.

Digitalisation is expected to continue to create benefits for our economies and societies as a whole and help achieve the inclusive, innovative and human-centred future society — 'Society 5.0'.

"For the first time Ministers of the Ministry of Electronics and Information Technology and Commerce will participate in a joint session on Digital Economy at the G-20 Ministerial Meeting," the statement said.

The global economic and social system faces considerable challenges. Rapid globalisation has led some to believe that they are not benefiting sufficiently and are discontent.

"It is hoped that the G-20 Ministerial Meeting being held in Japan will play a positive role in fostering economic opportunity and addressing challenges in the global landscape,” the ministry added.

"Trade and investment have been important drivers of the unprecedented global economic growth and poverty reduction enjoyed in recent times."

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