“MSMEs are backbone of economies…”: Piyush Goyal at G20 Trade and Investment Ministerial Meeting

Jaipur (Rajasthan): Commerce and Industry Minister Piyush Goel has said that Micro, Small and Medium Enterprises play a crucial role in the global economy and that they drive innovation, create jobs and contribute significantly to overall economic growth.

Speaking at the G20 Trade and Investment Ministerial Meeting here on Thursday, Piyush Goyal said that the COVID-19 pandemic and other shocks have disrupted the global value chains and made people realize the importance of promoting inclusive and sustainable global value chains.

“Micro, Small and Medium Enterprises play a crucial role in the global economy and need continuous support…These enterprises are the backbone of our economies driving innovation, creating jobs and contributing significantly to overall economic growth,” he said.

The minister said that equitable access and participation for MSMEs in global trade must be ensured to unlock new avenues for growth. He also cited the example of the successful integration of MSMEs in the Government e-Marketplace (GeM) and its benefits.

He noted that five priority issues – Trade for Growth and Prosperity,  Resilient Trade and GVCs, Integrating MSMEs in World Trade, Logistics for Trade and WTO Reforms have been extensively discussed among the G20 member and invitee countries during the Trade and Investment Working Group (TIWG) meetings.

Goyal noted that in today’s interconnected world, the concept of global value chains has revolutionized the way nations engage in trade and investment.

The minister said that India under its G20 Presidency has recognized the crucial role played by the Micro, Small and Medium Enterprises (MSMEs) in the global economy and makes efforts under the leadership of Prime Minister Narendra Modi to provide continuous support.

He said that focus of G20 Trade and Investment Ministerial Meeting (TIMM) will be on easing barriers to international trade and investment; helping boost productivity and output and fostering economic growth and prosperity for all.

Goyal, who addressed the opening session of the meeting, said TIMM focuses on formulating shared outcomes on issues related to the multilateral trading system, inclusive trade and ease of trade and business.

He said that these issues have been deliberated upon in the four TIWG meetings held under India’s G20 Presidency. The Minister said that the meetings have aimed at formulating fair, inclusive and sustainable trade and trade-related investment policies.

Goyal mentioned that TIMM will have sessions on Multilateral Trade for Global Growth & Prosperity; Inclusive and Resilient Trade and Leveraging Technology for Paperless Trade.

The Minister said that the shared commitment to foster inclusive growth extends beyond the boundaries of traditional systems.

While recognizing the importance of smooth logistics for international trade, he said that paperless trading is a critical step towards streamlining cross-border transactions, reducing administrative delays and enhancing the pace in trade operations.

Goyal cited the example of PM GatiShakti initiative for infrastructure development and logistics efficiency using layers of GIS data to plan and implement projects.

He said that it is imperative to have a more dynamic and inclusive trade environment, with reforms in the World Trade Organization (WTO).

Goyal said that these reforms must reflect the evolving global economic landscape.

He said that India can provide leadership to the Global South in the realm of trade and investment and integrate the world economy making it more inclusive.

The Minister said that the spirit of collaboration and mutual understanding defines G20 whose decisions shape the trajectory of economies, livelihoods of people, and the future of the world.