Prelims Level
Mains Level

Why in News?

  • Union Minister of Commerce & Industry will participate in the G-20, Trade and Investment Ministerial Meeting, being held in Mar del Plata in Argentina.

G-20 Trade and Investment Ministerial Meeting:

  • The meeting will provide an opportunity for a dialogue on current developments in international trade and its implications for the global economy.
  •  Trade and investment must benefit all and countries must jointly address both the opportunities and challenges of globalization, innovation and technological advancements.
  •  India looks forward to work along with other countries to reform WTO and ensure that it continues to be an engine for global trade.
  •  Further, the key issues that will be discussed include global value chains, the new industrial revolution and the international trade outlook.
  • The multilateral trading system is facing unprecedented challenges in the wake of protectionist measures by some countries, which is not compatible with the WTO.

G-20:

  • G-20 is made up of 19 countries and the EU.
  • The countries are Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Republic of Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, the United Kingdom and the United States.
  • The other invited members are Chile, Netherlands, Spain and representatives of regional groups of Jamaica, Rwanda, Singapore and Senegal.
  •  G-20 members represent 75% of international trade, half of foreign direct investment flows, half of foreign flows and 80% of global production.
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