May 23, 2023 2:04 PM

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2nd Trade and Investment Working Group meeting to work towards breaking barriers in International trade: Union Minister Som Prakash

Union Minister of State for Commerce and Industries Som Prakash expressed hope that the second meeting of Trade and Investment Working Group will work towards breaking barriers in International trade  for a better future and shared prosperity. Addressing a Seminar on Technology and Trade organised on the sidelines of three days G20 Working Group meeting in Bengaluru , the minister said that the Industry representatives, academia, R&D organisations and Government officials will work together to overcome barriers and challenges in global trade.<br />''<br />''Addressing the gathering, Commerce Secretary Sunil Barthwal said that Indian Foreign Trade policy emphasizes e-commerce and the country is at the forefront in promoting digitisation of economy, introducing Direct Benefit Transfer and linking Aadhaar with bank accounts and mobile phones. However he pointed out that the cross border trade  is still done on paper, requiring the stakeholders to submit three dozen papers. He underscored the need to utilise technology where the producers can link with consumers across the world, improve ease of doing business, reduce logistics costs and develop a resilient, efficient global value chain. <br />''<br />''<span style="color: #222222;">He however cautioned that technology needs to be regulated as it can be used to manipulate processes and could be misused for fraudulent means. He hoped that the thoughts reflected in the Seminar will find its way in the Communique and become part of the G20 documentation.</span><br />

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