Goyal highlighted that recent disruptions in global supply chains due to the COVID-19 pandemic, climate change, and geopolitical unrest have posed “monumental challenges” to food and energy security, cost of living, and the pursuit of sustainable development goals. 

He advocated the adoption of the G20’s general framework designed to enhance the resilience and inclusiveness of global value chains. 

Goyal asserted that this framework, once in place, would bridge the gaps in logistic infrastructures and promote the greater involvement of the Global South in the international trade ecosystem.

The framework would help in achieving sustainable development goals as the phenomenal nine-fold increase in South-South trade from $600 billion in 1995 to $5.3 trillion in 2021 had a major impact on economic growth of many countries, he said at the summit.

“Most of the global challenges have not been created by the Global South, but they affect us more,” Goyal said quoting Prime Minister Narendra Modi.

During its G20 presidency, India made strong interventions in strengthening the voice of the Global South by making the African Union a permanent member of the grouping, the minister added.

To make global value chains resilient and inclusive, he said, the G20 generic framework for mapping global value chains was adopted during India’s presidency.

“We are in the midst of a massive global shift. The future of work will be determined by industry 4.0, energy transition and new age technologies,” he added. 

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Updated: 17 Nov 2023, 07:35 PM IST