New Delhi : According to experts, the G20 Presidency is helping India to strengthen its trade ties with member nations and provides an opportunity to attract investments from those countries in sectors like infrastructure, reported BQ Prime.
They said that the G20 (Group of 20) holds a strategic role in securing future global economic growth and prosperity, as its members represent about 85% of the global GDP (Gross Domestic Product), 75% of global trade and two-thirds of the world’s population.
India can showcase its strengths and achievements while presiding over this multilateral forum to attract investment and deepen its trade relations with these large economies, the experts added.
Fast-tracking negotiations for a free trade agreement, ease of doing business, development of modern infrastructure, skilled manpower, and a large population with growing income are some of the positives that help India enhance trade realizations with these member countries.
Trade experts suggested the government fast-track ongoing negotiations for a free trade agreement (FTA) with countries like the UK and EU, as it would help India gain better market access to these countries as well as facilitate investment.
However, they also asked not to use trade platforms to achieve climate aspirations, as that could harm progress in both trade and climate discussions.
The largest trade bloc in the G20, the EU, will set in motion the carbon border adjustment mechanism on October 1 this year, making exports from countries like India expensive.
‘In the first eight months of 2023, the EU introduced five regulations on climate change and trade. The G20 nations should not ignore this elephant in the room and discuss it before individual countries rush to the WTO (World Trade Organization).
This may soon unravel world trade,’ think tank Global Trade Research Initiative (GTRI) Co-Founder Ajay Srivastava said.
Shardul S Shroff, Executive Chairman, Shardul Amarchand Mangaldas & Co, said that India should find a common ground with G20 countries to emerge as a global norm setter for the digital economy and use that global stature to boost IT and IT-enabled services exports.
The G20 has 43 members, not 20 countries. These include 19 countries (Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Korea, Mexico, Russia, Saudi Arabia, South Africa, Türkiye, UK and US) and the European Union (27-member group). Three EU countries, France, Germany, Italy, are counted among the 19 countries.
