G20 members agree to action plan to give global trade a boost
Financial Express Mumbai|August 26, 2023
THE G-20 TRADE and investment ministers on Friday agreed to an action plan on mapping global value chains, increasing participation of smaller industries in exports and digitisation of trade documents to further global trade.
MUKESH JAGOTA
G20 members agree to action plan to give global trade a boost

The Outcome Document and Chair Summary that was issued at the end of the two-day meeting was agreed to by all the participants. However, differing views and assessments of the Russia-Ukraine situation prevented the issuance of a joint communique.

"We are working towards understanding where the problems in global value chains (GVCs) are and what needs to be done," commerce and industry minister Piyush Goyal said at a media briefing.

The G20 members endorsed the voluntary and non-binding 'G-20 Generic Framework for Mapping GVCS'. The framework should be based on collecting timely high-quality sector-level data and voluntarily provided firm-level data, the outcome document said.

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