Published 16:00 IST, September 20th 2020
G20 Trade and Investment Working Group meeting goes virtual amid COVID-19
G20 Trade and Investment Working Group (TIWG) meeting will be held in the presence of the G20 Trade and Investment Ministers presided by the Saudi presidency.
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Amid the ongoing coronavirus pandemic, nations are set to convene the third meeting of the G20 Trade and Investment Working Group (TIWG) on September 20. The meeting will be held virtually in the presence of the G20 Trade and Investment Ministers presided by the Saudi G20 Presidency to discuss the trade policies investment policy cooperation for the sustainable economic growth of the nations worldwide. On September 19, the Saudi government announced in an official press release that the event will be held remotely due to the COVID-19.
“The Ministers will discuss progress made on the “G20 Actions to Support World Trade and Investment in Response To COVID-19” agreed upon on May 14, 2020,” the Ministry said in the release.
It added, that the leaders would also draft policies towards reforms of the World Trade Organization to strengthen international investment and boost the operations by enhancing the competitiveness between the world’s Micro, Small, and Medium-Sized Enterprises (MSMEs). The Kingdom informed that the Saudi Minister of Commerce, Dr. Majid Al Qasabi, Engineer Khaled Al Faleh, and Saudi Minister of Investment will hold a press conference to give updates on the meeting and the outcomes and reforms discussed by the world’s ministers.
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Documentation of trade policies
G20 Trade Ministers, during the meeting, will focus on trade, investment policies, and working mechanisms to increase the economic growth, robust businesses for long-term global economic flourishment. So far, in the meetings held, the G20 Trade and Investment Working Group (TIWG) have ensured that the international organizations, the Business 20 and the Think 20 (T20) were also given the opportunity to provide suggestions on documentation of trade policies. The 2020 TIWG meeting will be held online where ministers will interact with a consensus to support a multilateral trading system and promote inclusive and coordinated global value chains, according to the agendas listed by the Saudi’s ministry on the website.
As per the 'Terms of Reference' of the G20 Trade and Investment Working Group, the Saudi ministry said that it will invite the International Organizations (IOs) for technical support. It added that the ministers will implement the commitments from the previous Trade Ministers Meetings (TMMs) and Sherpa Meetings and take into account the priorities of the G20 Presidency. Further, it said that the G20 Trade and Investment Working Group will address challenges of the dipping world's GDP, through more effective policy cooperation and concrete actions.
(Image Credit: Twitter/@G20Australia/ Representative Image)
16:01 IST, September 20th 2020