Winning Bizness Sports Desk

Mumbai. The G20 presidency is helping India strengthen trade ties with member countries. Experts have opined that investment is being received from these countries in areas like infrastructure. He said that the G20 (Group of 20 countries) has a strategic role to play in achieving future global economic growth and prosperity. Its members represent approximately 85 percent of global GDP (gross domestic product), 75 percent of global trade, and two-thirds of the world's population. Experts said that chairing this multilateral forum is a great opportunity for India, as it can showcase its strengths and achievements to attract investments. Also, our trade relations with these big economies can be strengthened. There are actually 43 countries in the G20, not 20, as the 24 countries of the European Union are included as partners.

Trade experts suggested the government expedite negotiations for Free Trade Agreements (FTAs) with countries like the UK and the European Union. Ajay Srivastava, co-founder of research institute Global Trade Research Initiative (GTRI), said, “In the first eight months of 2023, the European Union introduced five regulations on climate change and trade. The G20 countries should not ignore it and individual countries should discuss it before going to the World Trade Organization (WTO).

Multinationals looking for alternative destinations for investment

Shardul S Shroff, executive chairman of Shardul Amarchand Mangaldas & Co, said India should find a common ground with the G20 countries to set global standards for the digital economy. At the same time, the country should use its global clout to promote exports of information technology (IT) and IT-based services, he said. Rumki Majumdar, economist at Deloitte India, said many multinationals are looking for alternative destinations for investment and diversification of supply chains. India's G20 chairmanship will help attract many more such companies.