Commerce Secretary Sunil Barthwal at 14th BRICS Trade Ministers’ Meeting in Russia
On July 26, 2024, Commerce Secretary Sunil Barthwal participated in the 14th BRICS Trade Ministers’ Meeting held in Russia. The meeting focused on trading issues, including solutions for Public Stock Holding and the objectives of the World Trade Organization (WTO).
Key Themes and Discussions
The theme for this year’s BRICS meeting was ‘Strengthening Multilateralism for Just Global Development.’ Barthwal emphasized the need to strengthen the multilateral trading system with the WTO at its core. He discussed the importance of effective Joint Value Chains, expanding interactions among Micro, Small, and Medium Enterprises (MSMEs), and India’s success in digitalization and e-commerce.
Strengthening Multilateralism
Barthwal reiterated the collective efforts needed to resolve long-pending WTO issues, particularly those related to development and Special and Differential treatment. He stressed the urgency of finding a permanent solution for Public Stock Holding and reforming the WTO to be more responsive to the needs of emerging economies.
Supply Chain Resiliency
He highlighted the importance of decentralizing and diversifying supply chains to strengthen their resiliency. Barthwal also discussed furthering cooperation in value chains through the G20 generic Mapping framework for Global Value Chains (GVCs) and digitalizing trade documents like the Bill of Lading.
Emerging Technologies and MSMEs
Barthwal emphasized the need for collaboration to ensure access to affordable emerging technologies crucial for green transition and climate resilience. He also highlighted the importance of integrating MSMEs with Global Value Chains and praised the Russian Presidency for continuing efforts to compile basic information about MSMEs among BRICS members.
India’s Digital Success
He referred to India’s success in building an open-source India Stack of Critical Digital Public Infrastructure, following principles of open access, transparency, trust, and data protection. Barthwal expressed India’s willingness to share its digitalization experience with BRICS countries.
Conclusion
In conclusion, Commerce Secretary Barthwal stressed the importance of collaborative efforts, resilience, unity, and transparency to face challenges. He called for a commitment to compassion, empathy, and understanding for a brighter future for BRICS countries.
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.
14th BRICS Trade Ministers’ Meeting -: This is a meeting where trade ministers from five countries (Brazil, Russia, India, China, and South Africa) come together to discuss business and trade.
Russia -: Russia is a large country that is part of the BRICS group and hosted this meeting.
July 26, 2024 -: This is the date when the meeting took place.
multilateral trading system -: This means a system where many countries trade with each other following agreed rules.
WTO -: WTO stands for World Trade Organization, which helps countries trade fairly with each other.
MSME -: MSME stands for Micro, Small, and Medium Enterprises, which are small businesses that are very important for the economy.
digitalization -: Digitalization means using digital technologies to improve business and services.
supply chain resiliency -: This means making sure that the process of making and delivering products is strong and can handle problems.
emerging technologies -: These are new and advanced technologies that are just starting to be used widely.
digital public infrastructure -: This refers to digital systems and services provided by the government to help people and businesses.
BRICS countries -: BRICS countries are Brazil, Russia, India, China, and South Africa, which work together on economic and trade issues.
