Government to hold free trade talks with UK, EU, Canada on G20 sidelines

The government is set to engage in direct free trade agreement (FTA) talks with the United Kingdom (UK), European Union (EU), and Canada during the upcoming G20 summit. The move aims to bolster economic ties and address key trade concerns. Discussions with the Russian delegation on bilateral trade matters are also on the agenda, as revealed by a senior trade official.

Trade Secretary Sunil Barthwal emphasised the G20 trade ministers' meeting as a critical platform for addressing global trade dynamics and pressing WTO reforms. The G20 summit is scheduled for August 24-25 in Jaipur, expected to draw over 300 delegates from member countries.

The G20's agenda underscores the importance of WTO reforms, particularly in leveraging logistics to expand global value chains and amplify opportunities for small businesses. High-profile participation from nations including France, Indonesia, South Korea, Turkey, UK, US, and EU underscores the summit's significance.

Trade ministers aim to forge a consensus streamlining international trade by reducing transaction costs through a paperless global trading system. Simultaneously, the focus is on empowering small businesses, facilitating their integration into the global trade landscape. The trade ministry echoed these objectives in an official statement, reiterating its commitment to efficient trade mechanisms and fostering the growth of emerging enterprises.

With the G20 summit on the horizon, global attention is riveted on discussions that could potentially reshape the future of international trade.