Commerce Secretary Sunil Barthwal at 14th BRICS Trade Ministers’ Meeting
Commerce Secretary Sunil Barthwal participated in the 14th BRICS Trade Ministers’ Meeting, held on July 26, 2024, under the BRICS Presidency of the Russian Federation. He emphasized the need to strengthen the multilateral trading system with the World Trade Organization (WTO) and resolve long-pending issues such as Public Stock Holding and the Dispute Settlement system.
Barthwal highlighted the importance of boosting the effective functioning of Joint Value Chains, expanding interactions among Micro, Small, and Medium Enterprises (MSMEs), and promoting digitalization and e-commerce. He stressed the relevance of cooperation among Special Economic Zones and the need for paperless trade, including the digitalization of documents like Bills of Lading.
The Commerce Secretary advocated for collaborations to make access to affordable emerging technologies critical for green transition and climate resilience. He expressed concern over climate-related unilateral measures impacting trade and emphasized the urgency of accelerating inclusive digital transformation.
Barthwal praised India’s success in building an open-source India Stack of Critical Digital Public Infrastructure and expressed willingness to share this experience with BRICS countries. He also lauded the Russian Presidency for continuing efforts to enhance access to information for MSMEs, following the Jaipur Call for Action issued during India’s Presidency in 2023.
Doubts Revealed
Commerce Secretary -: A Commerce Secretary is a high-ranking official in the government who looks after trade and business matters of the country.
Sunil Barthwal -: Sunil Barthwal is an important person in the Indian government who helps manage trade and business activities.
BRICS -: BRICS is a group of five countries: Brazil, Russia, India, China, and South Africa, that work together on various issues like trade and economy.
Trade Ministers’ Meeting -: This is a meeting where important people from different countries discuss how to improve trade and business between their countries.
Multilateral trading system -: This means a system where many countries trade with each other following agreed rules to make trade fair and smooth.
WTO -: WTO stands for World Trade Organization, which is a group that helps countries trade with each other by setting rules and solving problems.
Joint Value Chains -: This means different countries working together to make products, where each country does a part of the work.
MSME -: MSME stands for Micro, Small, and Medium Enterprises, which are small businesses that are very important for the economy.
Digitalization -: This means using digital technology, like computers and the internet, to make things work better and faster.
Emerging technologies -: These are new and advanced technologies that are just starting to be used, like robots or new types of computers.
Climate resilience -: This means being able to handle changes in the climate, like more rain or hotter weather, without too much trouble.
Russian Presidency -: This means that Russia is leading the BRICS group for a certain period, organizing meetings and activities.
