G20 ministers agree to map global value chains, link MSMEs

Source– The post is based on the article “G20 ministers agree to map global value chains, link MSMEs” published in the “The Hindu” on 26th August 2023.

Syllabus: GS2 – International Relations – Global groupings

News– Recently, a two-day G20 Trade and Investment Ministerial Meeting took [place in Jaipur.

What are important parts of outcome document from Trade and Investment Ministers of G20 nations?

1. Comprehensive framework within the G20 context for the purpose of mapping out global value chains is suggested.

The objective is to comprehend the existing issues and identify the necessary actions to enhance the inclusivity, sustainability, and resilience of these value chains.

2. It focuses on MSMEs. The declaration from Jaipur emphasizes the imperative of reinforcing the capabilities of MSMEs.

Due to their small scale, MSMEs face limitations in accessing critical information, financial resources, and market-related data points.

A worldwide trade assistance platform, overseen by the International Trade Centre, will be consistently upgraded through consultation with UNCTAD and the World Trade Organisation (WTO).

This evolution aims to make the platform more inclusive and to offer comprehensive data to MSMEs.

3. The principles associated with the digitization of trade documents is important part of outcome document. The aim is to minimize the reliance on paper documents and remove obstacles that hinder the seamless movement of goods and services.