SME Times News Bureau | 22 Sep, 2020
Union Commerce and Industry Piyush
Goyal on Tuesday took part in the virtual meeting of the G-20 Trade and
Investment Ministers.
Making interventions during
the meeting, he called upon G-20 to play a leadership role in crafting a
pathway to recover from COVID19, he said that one of the key lessons for all
countries is the need to strike the right balance between their external and
internal economic policies, with a view to ensuring balanced and sustainable
development.
He said that India stands
ready to engage constructively with all G-20 Members to push an agenda that is
inclusive and development oriented.
Goyal announced that India is
not in a position to accept the concept of Data Free Flow with Trust (DFFT).
He said that India is of the
view that the concept of DFFT is neither well understood nor is comprehensive
enough in the legislation of many countries.
“Moreover, in view of the huge
digital divide among countries, there is a need for policy space for developing
countries who still have to finalize laws around digital trade and data. Data
is a potent tool for development and equitable access of data is a critical
aspect for us. India, like many other developing countries, is still in the
phase of preparing a framework for its data protection and e-commerce laws.
Moreover, the existing regulations on which DFFT is sought to be premised, such
as uninhibited cross border flow of data, are grossly inadequate to address our
concerns on data access. This could further aggravate the digital divide. ”, he
added.
He said that India along with
some other G-20 Members, did not participate in the Osaka track last year due
to our reservations.
Describing G20 as a
significant grouping representing the majority of the world’s population, its
GDP and trade, Goyal said that we must pursue an agenda that is universally
beneficial and also takes into account the interests of Members outside the
G-20.
He stressed on the need to be
sensitive to diverse economic realities.
Goyal said that it is
important to recognise the important role of small retailers in sustaining food
chains and essential supplies to help sustain lives and economic activity
through the Covid-19 pandemic and in future.
He said “We are actively
welcoming investment in infrastructure creation and our industrial and services
businesses. The world is also recognizing the huge opportunities in India.”
Goyal said that India’s
economic expansion is now premised on the policy of being ‘Aatmanirbhar’
or self reliant.
“We seek to make India
economically stronger with enhanced capacities that would help us as a trusted
partner and contribute better to the world. During this COVID period India has
taken major strides in this direction. We have ramped up our daily production
of PPE to over half million from virtually nil earlier. We are self-sufficient
in testing kits, masks, ventilators, etc. We also ensured equitable and
transparent supplies of critical medicines. These measures reinforced our
credibility as a reliable, trustworthy and empathetic partner working for the
common good”, the minister said.
On the issue of multilateral
trading system, Goyal said that India believes that it must be fair,
transparent and balanced.
He said that reforms must
preserve core values and fundamental principles like non-discrimination,
inclusiveness, recognition of including Special and Differential treatment, and
consensus based decision making.
He said that India is
supportive of the Riyadh Initiative which seeks to provide support to this
reform process.
“However, we must recognise
that WTO is a member led organization, and the G-20 must not seem to be
intrusive and driving the agenda for the multilateral trading system. Rather,
our priority should be to correct the asymmetry and imbalance in the existing
trading system”, Goyal added.
Describing services as a
critical driver of economic activity, Goyal said that for most countries, it
contributes to more than half of their GDPs and has been adversely impacted due
to the ongoing pandemic.
Since the sector is employment
intensive and provides livelihood to the many, he said that it is important to
prioritise services in the future agenda of the G-20.