MSMEs are gems of most economies, contribute significantly to economic activities: Piyush Goyal

New Delhi [India], August 26 (ANI): Union Minister of Commerce and Industry Piyush Goyal on Friday said that through the G20 Presidency, we have expressed our collective future in business and trade, having agreed to map global value chains, enable the active contribution of least developed countries, create a large database for MSMEs and commit to digitalisation and paper-free international trade.

He noted that India stands for open government and expanding international trade. He was speaking during the Trade Ministers’ Session of the B20 India Summit 2023 in New Delhi on 25 August. The summit is being organized by CII, the Secretariat for the B20 India.

Goyal said that Prime Minister Narendra Modi has articulated that the Global South should have a greater say in decision-making and high policymaking bodies.

He said that MSMEs contribute significantly to economic activities around the world, provide jobs to millions and are truly the gems of most economies.

“MSMEs, due to inability, small size, and lack of information are not able to encash several opportunities as we would like them to. We shall strengthen the databases that will help in greater participation of the MSMEs in international trade and economic activity,” he said.

HE Tipu Munshi, Commerce Minister, Government of Bangladesh thanked India for inviting Bangladesh to the G20 and expressed that these deliberations and the outcomes thereof have the potential to greatly help businesses in the country.

He said as we move towards becoming a middle-income country in 2026, we are very interested to see how our collaboration with India works out.

Mary Ng, Minister of International Trade, Export Promotion, Small Business and Economic Development, Canada said that the Indian diaspora in Canada works seamlessly with India thanks to the shared heritage, which is a tremendous asset.

HE Valdis Dombrovskis, Executive Vice President and European Commissioner for Trade, The European Union said that the EU has committed to becoming climate neutral by 2050. One of the instruments of becoming climate neutral the EU has adopted is putting the price of carbon on economic activity.

“To avoid discrimination and promote fair practice, we are putting the same price of carbon on domestic producers as on imported goods,” he said.

Dombrovskis said that the EU shares one single market, making it the global trading superpower.

“There is a need to strengthen ties with reliable partners around the world to ensure diversified and resilient supply chains. It is also in this spirit that we relaunch negotiations with India… Democracies in the world, which want to work together for global peace and prosperity, need to join forces and deal with complex geopolitical situations in current times,” he said.

Dr Zulkifli Hasan, Trade Minister, Republic of Indonesia expressed that he has a strong will and commitment to forge a close relationship with India as the potential between the two nations is enormous. I attempt to be the bridge between the two countries so we can overcome all the trade barriers, he added.

HE Dukgeun Ahn, Minister for Trade, Ministry of Trade, Industry and Energy, Republic of Korea said that the country is not just looking at reducing tariffs and expecting more shipments but wants to build an industry ecosystem in the green and renewable energy system, semiconductor, EV and aerodynamics sectors.

He expressed confidence that the efforts of India and South Korea to upgrade their relationship will give momentum for the industry sector in the two countries to work together and build an industry ecosystem that aims for a better future.

Talking about non-tariff barriers and increasing protectionism in countries, HE Qais bin Mohammed al Yousef, Minister of Commerce, Industry and Investment Promotion, Sultanate of Oman noted that one way of addressing the issue is by adopting rule-based fair and equitable trade promoted in the G20.

He also talked about the deepening trade and historic relationship between the two countries and said that Oman is looking forward to an FTA between the two nations.

The Rt Kemi Badenoch MP, Secretary of State for Business and Trade, President of the Board of Trade, and Minister for Women and Equalities, Government of United Kingdom said that India and the UK are negotiating a Free Trade Agreement.

Talking about several geopolitical challenges, she said that a lot of things are happening around the world and underlined the need to build resilience in trade.

HE Helene Budliger Artieda, State Secretary for Economic Affairs (SECO), the Swiss Confederation said that Switzerland exports smart FDI.

“Switzerland is one of the most innovative countries. We are known for quality products for all sorts of versatile instruments, high-precision tools, etc. We believe we can assist India in becoming the premier manufacturing and service place in the world. Smart FDI is not just money,” she said.

Artieda said that pitching India to the Swiss is easy as everyone sees the opportunities. Goyal added that the Swiss also bring innovation to the table.

“Switzerland is very strong on R-D, particularly in pharmaceuticals. I believe India has significant skill and talent to help Swiss companies do the same things faster and at a more competitive price to make medicines for the whole world,” he added.

Goyal highlighted that traditionally US and India used to have many disputes, however, more recently, the two countries have resolved 6 out of the 7 ongoing disputes bilaterally, in a first for WTO. Adding to the conversation, Ambassador Katherine Tai, United States Trade Representative (USTR), United States of America said that disagreements are inevitable, but underlined the political alignment of wills to resolve issues as much as possible. She said that the bilateral resolution of the disputes is a template-breaking pattern the US and India have demonstrated.

Goyal said that UAE and India, in a historic milestone, had recently concluded their FTA in 88 days, the fastest-ever negotiated comprehensive economic partnership in the history of the world.

Expanding on the subject, HE Dr Thani bin Ahmed Al Zeyoudi, Chair, of WTO’s 13th Ministerial Conference and Minister of State for Foreign Trade, United Arab Emirates said that the two countries looked at the bigger picture.

“How we are going to bring value to our people. Transparency, trust and reliability between the two nations were the critical factors and key drivers of the conclusion of the agreement.”Chandrajit Banerjee, Head, of B20 India Secretariat and Director General, CII noted that the summit was being attended by more than 1,500 delegates from 55 countries. (ANI)