Business 20 (B20) is the official G20 dialogue forum with the global business community. Established in 2010, B20 is among the most prominent Engagement Groups in G20, with companies and business organizations as participants. The B20 leads the process of galvanizing global business leaders for their views on issues of global economic and trade governance and speaks in a single voice for the entire G20 business community.
In 2023, the G20 presidency is being held by India. B20 India operates through Task Forces and Action Councils in streamlining the B20 strategic vision and translating it into policy deliverables on key topics of the global economic agenda. The priority areas are being discussed and deliberated during B20 India under seven Task Forces. One of them is in the area of Inclusive Global Value Chains (GVCs) for Resilient Global Trade and Investment.
The Task Force on Inclusive Global Value Chains (GVCs) for Resilient Global Trade and Investment had its meeting on 15 March in New Delhi which was attended by 80 experts having comprehensive discussions. Mr. Mohit Dave, Head (Partnerships & Resource Mobilisation) at ICA-AP is part of the Task Force and was invited to the meeting.
The meeting started with welcome remarks and an introduction by the Chair, Dr. Mallika Srinivasan, Chairman & Managing Director of Tractors and Farm Equipment Limited. It was followed by a special address by Dr. V. Anantha Nageswaran, Chief Economic Adviser, Government of India. He mentioned that recent developments in the global arena have accentuated the vulnerabilities of supply chains and highlighted the imperative for a smooth and efficient flow of goods and services that is impervious to localized disruptions. Keeping trade open across borders and establishing coordinated mechanisms for risk monitoring and crisis foresight will be crucial to preventing future roadblocks.
The floor was then open for discussion on policy recommendations and suggestions from the task force members. The draft policy document makes 13 recommendations under 4 areas: (1) Resilient and Sustainable GVCs, Technology and Trade 4.0; (2)Crossing Borders with Industry 4.0; (3) Diversifying and Advancing Services Trade and (4) Fostering Inclusive Trade for LDCs, MSMEs, Women and Youth. Mr. Dave highlighted the work being done by cooperatives under policy action 4.1 citing some of the examples of the top 300 coops active in G20 countries.
Through this Meeting, all members of the Task Force discussed the preparation of their most important deliverable, the Policy Paper. Inputs collected from each member will be integral to the process of outlining policy recommendations and specific policy actions that the B20 Secretariat will incorporate into the B20 Recommendations in the Final Communiqué. This final document is expected to be presented to the G20 leaders at the B20 India Summit from 25-27 August 2023.
