Ministry of Commerce &Industry

Posted On: 06 JUN 2019 4:21 PM by PIB Delhi

The Union Minister of Commerce and Industry &Railways, Piyush Goyal, is leading the Indian delegation for the G20 Ministerial meeting on Trade and Digital Economy being held on 8th – 9^th June, 2019 in Tsukuba city, Ibaraki Prefecture, Japan.

The Indian Commerce Minister will discuss developments in the global trade situation, WTO matters and digital trade. He will also hold dialogue with other participating Trade Ministers on current international trade and investments. For the first time Ministers of the Ministry of Electronics and Information Technology (MeitY) and Commerce will participate in a joint session on Digital Economy at the G20 Ministerial Meeting.

The G20 Trade Ministers deliberations will form part of the G20 Summit Leaders agenda in the formal discussions and will also be a part of the Summit Declaration.

Ever since G20 was formed India has been actively participating in the meetings. Although there are no binding commitments in G20, it sets the agenda for multilateral trade relations.

In his first visit abroad after assuming charge, Piyush Goyal will take this opportunity to interact with various trade ministers of participating countries including host Japan. Commerce Minister will hold bilateral meetings on the sidelines of G20 in order to sensitize 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 G20 history in Tsukuba, Japan, to discuss how G20 economies can promote trade and investment and maximize benefits from the development of the digital economy and technologies to ensure sustainable growth of the global economy.

Digitalization 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”.

However, the global economic and social system faces considerable challenges. Rapid globalization has led some to believe that they are not benefiting sufficiently and are discontent. It is hoped that the G20 Ministerial Meeting being held in Japan will play a positive role in fostering economic opportunity and addressing challenges in the global landscape. Trade and investment have been important drivers of the unprecedented global economic growth and poverty reduction enjoyed in recent times.

The Trade and Digital Economy meeting is one of the 8 Ministerial meetings taking place in Japan alongside the 2019 G20 Summit. The other seven Ministerial meetings are Agriculture Ministers’, Finance Ministers and Central Bank Governors’ meeting, Labour and Employment Ministers’ meeting, Tourism Ministers meeting, Ministerial meeting on Energy Transitions and Global Environment for Sustainable Growth, Health Ministers’ meeting and Foreign Ministers’ meeting G20 is made up of 19 countries and the European Union(EU). The 19 countries are: Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, The Russian Federation, Saudi Arabia, South Africa, South Korea, Turkey, the United Kingdom, and the United States.

The G20 members represent two-thirds of the world’s people and 85 percent of its economy.

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(Release ID: 1573552)