Commerce Minister Urged More Participation of MSMEs in Global Trade

Commerce Minister Piyush Goyal called for higher participation by Micro, Small and Medium Enterprises (MSMEs) of developing nations in domestic and global trade.

Speaking in a meeting on the side lines of the two day G20 Ministerial on Trade and Digital Economy in Japan, the minister said reiterated that with the advent of digital technologies, services are vital drivers of growth.

Servicification of the manufacturing sector is enhancing the importance of services in global trade. Major investment is also being driven by the services sector. Thus, we need to remove barriers and facilitate temporary movement of highly skilled professionals to sustain this investment and growth, he said.

Piyush Goyal pointed out another way to go about correcting this, is by supporting greater participation of MSMEs in developing countries both in domestic and global trade, because they are crucial for jobs and income generation, on which livelihood of millions are dependent, he added.

India urges G20 to provide preferential market access to MSMEs in developing countries to be part of the Global supply chains, he said.

During the bilateral meetings with host Japan and countries like USA, UK, China, France, Singapore, Korea, Spain, Canada, EU, Mexico, Saudi Arabia, South Africa, Chile and Australia, he also emphasized the need for reciprocal market access for Indian products.

At the end of the 2 day sessions Commerce Minister congratulated Japan for taking initiative of putting fort ha forward looking agenda, of the growing interface, between Trade and Digital Economy.

For the first time a joint session with ministers of digital economy and trade and investment was held in G20 to discuss the interface between digital economy and trade.

Goyal represented India in both the Joint sessions.

In his address Goyal said that 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 right time. The Minister further said that concerns over loss of jobs, revenue, and erosion of competitiveness are real.

The deliberations on trade, investment and digital economy will feed into the Osaka Summit Declaration which will be adopted on 29th June, 2019.