India attends second G20 Virtual Trade and Investment Ministers Meet

The Union Minister Shri Piyush Goyal represented India at the second G20 Virtual Trade and Investment Ministers Meeting through video conferencing.

Highlights

The video conferencing was hosted by the current chair of G20 grouping, Saudi Arabia. Since April 2020, Saudi Arabia has hosted a series of such virtual summits to discuss COVID-19 threats, containment measures and economic challenged posed by the virus.

This meeting, the ministers agreed to work on ensuring flow of vital medical supplies and other essential goods across borders. They also agreed to deliver free, non-discriminatory, fair and transparent trade and investment environment. They also agreed to keep global supply chains functioning.

The main issue that every country is facing today due to COVID-19 crisis is excessive price volatility in food prices. This is threatening the food security as well. The G20 ministers agreed to work upon the issue at the meet.

Background

On 30 March, the G20 leaders agreed on the requirement for a “Coordinated Global Response”. In order to implement actions taken under coordinated global response, meetings were held on energy, labour, employment, agriculture, tourism and digital economy.

Earlier G20 meet

The G20 leaders have been focusing on tourism, energy and labour. In the end of April 2020, the corresponding ministers of the three sectors from the member countries held video conferences to work together and address the issue.

Month: Current Affairs - May, 2020