G20 Summit 2023: The G20 Summit taking place on September 9 and 10 in New Delhi, which will facilitate discussions and cooperation on a wide range of global economic and financial issues, is expected to create better avenues for Indian trade and traders, said Confederation of All India Traders (CAIT), a representative body for traders in India. A day ahead of the summit, CAIT said in a statement that some strategic decisions on financial inclusion, adoption and acceptance of digital technology and reforms in taxation policies are expected from the event which will have a vital bearing on the growth of SMEs trade not only in India but across the globe.
To comprehend the outcome of the summit and benefits for traders, CAIT has also constituted a committee to be headed by its National President B.C. Bhartia.
“As a result of G20 deliberations, the traders expect a big boost in export trade pertaining to FMCG products, computers and its peripherals, communication equipment, toys, consumer durables, Indian handicrafts, hospitality service sector and its equipment, gems & jewellery, furnishing items, electronic items etc,” said Praveen Khandelwal, Secretary General and Bhartia in a statement.
As a safety protocol, the government has asked all schools, colleges and offices to be closed across Delhi from September 8 to September 10 in view of the summit.
However, CAIT had urged the Delhi government to reconsider the closing of markets in some parts of Delhi. “At a time when thousands of people from all the major countries of the world will be in Delhi, it can prove to be helpful in increasing India’s trade and in such a situation all the markets of Delhi should be kept open,” Khandelwal and Bhartia had said in a letter to Commerce Minister Piyush Goyal last week.
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The G20, short for “Group of Twenty,” is an international forum consisting of 19 individual countries and the European Union established to bring together major economies and governments from around the world to discuss and coordinate various global economic and financial issues.
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The member countries of the G20 include Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey, the United Kingdom, and the United States. These countries, along with the European Union, represent a significant portion of the world’s economy and population.