India’s Trade Policy in the Context of the G20 Presidency: Strategic Utilization of Global Platforms for Sustainable Economic Growth

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• January 24, 2025
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Mehak Rawal¹, Riddhi Sharma²

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1. Dr. B. R. Ambedkar University Delhi, Department of Economics ↩︎
2. Dr. B. R. Ambedkar University Delhi, Department of Economics,
   Email: riddhi.sharma.11102004@gmail.com ↩︎

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Title:	India’s Trade Policy in the Context of the G20 Presidency: Strategic Utilization of Global Platforms for Sustainable Economic Growth
Author(s):	Mehak Rawal, Riddhi Sharma
Keywords:	Trade Policy, G20 Presidency, Sustainable Trade, Multilateralism
Issue Date:	24 January 2025
Publisher:	IMPRI Impact and Policy Research Institute
Abstract:	In the last decade, India’s trade policy has significantly transformed towards economic growth and increasing global competitiveness and strategic interests. Two of these fundamental initiatives, “Make in India” and “Atmanirbhar Bharat,” have been on the center stage of this transformation, focusing on the need for further enhancement of domestic manufacturing, developing capabilities to increase exports, and making India a country better integrated into global value chains. The growth in digital trade and the technology-driven sectors has also become essential to the Indian trade policy. India’s presidency of the Group of Twenty (G20) in 2023 marks a significant milestone in its global trade governance. This role allows India to influence the global trade agenda, focusing on sustainable and inclusive trade practices in response to the COVID-19 pandemic, rising inflation, and supply chain disruptions. Additionally, India advocates for multilateralism and international trade agreements to strengthen globalization. A central theme of its G20 agenda is promoting sustainable trade in line with the Paris Agreement and advancing digital innovation to enhance trade facilitation. This article analyzes India’s trade policy in the context of its G20 presidency, examining how it strives to make the global trading system more sustainable, inclusive, and resilient. The paper focuses on India’s strategies for countering the global economic crisis, rebuilding international trade relations, and building the cause of fair trade. A special focus is placed on India’s role in promoting multilateral cooperation along global value chains and furthering digital and green trade practices.
Page(s):	43-57
URL:	https://iprr.impriindia.com/indias-trade-policy-in-the-context-of-the-g20-presidency
ISSN:	2583-3464 (Online)
Appears in Collections:	IPRR Vol. 3 (2) [July-December 2024]
PDF Link:	https://iprr.impriindia.com/wp-content/uploads/2025/01/SA1_Indias-Trade-Policy-in-the-Context-of-the-G20-Presidency_Mehek-Rawal-and-Riddhi-Sharma_IPRR_V3I2_July-Dec-2024.pdf

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Introduction

Taking over the G20 presidency in 2023 was a defining moment in India’s economic and political development. At the helm of the regional order, stepping into the G20 presidency is also a moment for India to alter the rules of the game of international trade, mainly to promote closer economic relations and sustainability. Formed to address the most pertinent economic problems by collaborating with the world’s leading economies, India is expected to harness the G20 collective political willpower during its presidency to promote inclusive development.

Numerous challenges remain as the economy slowly opens up after the global COVID-19 pandemic’s adverse impacts. Disruption of international supply chains, high inflation rate, and the desire to accelerate innovation have changed the face of globalization and international trade. At the same time, the issue of global warming has become a growing threat, leading countries to seek to grow their economies without harming the environment. Sustainable trade practices have become critical with the world’s economy slowly recovering from climate change and resource crunch. This reinforces the significance of the Indian G20 presidency as a forum to push for trade recovery and sustainability in trade processes to observe global policies such as the Paris Agreement.

This paper analyzes India’s trade policy through the prism of its G20 presidency and how India is utilizing this forum to seek a better and sustainable trading system. Particular emphasis is given to promoting multilateralism, reviving trade deals, enhancing collaboration along the global value chains, and advancing sustainable and digital trade. In this context, the article analyses the strategies adopted by India in dealing with global economic crises, encouraging the rejuvenation of international trade relations, reconstruction of international hubs, adherence to fair trade development, new technologies, and international businesses. Within the framework of G20, India aims to help the economy recover more rapidly than before, improving regional engagement and promoting the inclusiveness of globalization.

Literature Review

The G20 is an international gathering of the world’s leading governments and economic powers, impacting global economic governance and international trade, particularly in establishing a sustainable, developed world. The literature revealed that the G20 has had and still has its importance in international trade and global governance. The article highlights the literature on the role of the G20 in global trade, with special emphasis on India’s G20 presidency.

The Role of the G20 in Global Economic Governance

G20 measures are strictly subjected to the most comprehensive reconstruction, which, in addition to other tasks, aims to consider the crisis response measures undertaken about the G20’s role in managing the global economy.

Beeson and Bell (2009) noted that during the global financial crisis in 2008, the G20 became important in the international setting, acting as an institution for international cooperation as opposed to unilateralism in economic crises. Wade (2011) agrees with this view by examining the effectiveness of G20 in promoting financial stability and preventing protectionism from forming during an economic crisis. The researchers describe building up G20 as one of the main positive attributes in handling global problems.

However, besides the above, there are various criticisms regarding the effectiveness of G20. According to Drezner (2014), while the G20 may be an important body, it often suffers from a problem of enforceability because the agreements made between the members do not carry any obligation. Kirton (2016) correctly posited that even though the group had managed to achieve an agreement on more general economic issues, such as trade imbalances and tariff policies. Thus, while G20 has been important in global economic governance, it remains a subject of much debate regarding its potential to bring about actual reform in trade.

G20 and International Trade Policies

International trade policies and the role of the G20 have been at the center stage for research. Baldwin and Evenett (2009) argued that the G20 maintains open trade lines and combats protectionist tendencies, especially in bad economic junctures. Their study showed that the G20 conferences influence shaping global trading frameworks and reducing obstacles in trading. G20 has acted as a vehicle for building platforms for discussing pertinent issues in global trade, such as the ever-present disruptions in the supply chain and digital trade issues that are finding more relevance in the post-pandemic world.

However, how the G20 achieves balanced trade growth, particularly for developing economies, is hardly covered. G20 is opportunistic because the majority interest is usually large economies, often without voices from smaller economies, now emerging and developing countries. The authors found little concrete output regarding nations of the Global South in the implementation or resolution of results of trade agreements concluded by the members of the G20. Along these lines, Hopewell (2021) examined how the G20, espousing multilateral trade reforms, failed to adequately address those structural imbalances that adversely disadvantage the nations of the developing world in global trade.

India’s Role in Global Trade and G20 Presidency

Recent studies focus on the growing influence of India globally in trade, especially with its leadership position in G20. It is changing India’s trade strategy by examining the government’s novel initiatives, such as “Make in India” and “Atmanirbhar Bharat” as responses to global supply chain disruptions and trade imbalances. It has emphasized India’s strategic push through demographic and technological advantages to boost its negotiating power in digital commerce.

Kumar (2023) even discusses India’s ambition under its G20 presidency, saying that India aims to advance sustainable trade practices and digital innovation as key components of its trade agenda. They depicted how India is enforcing its initiatives towards the standardization of multilateral trade systems and leadership toward the agendas of the developing world. However, with such studies, while providing less insightful lessons on how India may pursue strategies toward global trade, they generally remain bound toward understanding India’s domestic policies rather than proactively considering how India’s G20 presidency might alter global trade dynamics.

According to David (2022), this is an area in which India is still a relatively new player in promoting green trade practices, especially in the renewable energy sector. Although this study provides a valuable analysis of India’s role in sustainable trade, more empirical research is required to determine how such initiatives have been received and implemented globally within the G20 framework.

Sustainable Development and Global Trade in the G20

Sustainable trade development is another important theme in the literature, mainly framed under the G20 commitment to the 2030 Agenda for Sustainable Development. G20 should be done to improve sustainable trade. The authors noted that carbon footprint reduction and circular economies are two examples of sustainable trade development practices that have been strongly advocated for by the G20.
However, the coinciding issues of sustainable development and trade remain less discussed and mainly related to how each G20 country, individually-India, individuals can orient the trigger towards sustainable trade. Esty (2017) states that there remains further room for improvement; sustainability has been discussed widely in G20 dialogues, but concrete policies on how trade growth could be balanced with environmental preservation remain scanty. This gap, therefore, opens up the scope for further research in analyzing the G20 presidency of India in potential contributions to embedding sustainability within global trade systems.

The G20 has been studied at length in terms of its role in world economic governance, policies on trade, and sustainability. However, there is a lacuna in understanding how the G20 can be harnessed towards the interests of the developing world, primarily when India presides over it. Most studies focus on the more prominent institutional role of the G20 or India’s domestic trade policies and do not work out an in-depth analysis of how India’s term of presidency can alter world trade towards inclusivity and sustainability.

This paper tries to bridge the gap by focusing on the opportunity India offers under its G20 presidency to shape global trade in favor of developing countries and bolster global supply chains while contributing to sustainable practices in trade. Focusing on the strategic role India plays within the G20, this research will contribute to a better understanding of how emerging economies can navigate and influence global trade systems in the 21st century.

Data and Methodology

Data Sources

The study uses an extensive cross-section of international trade data and official reports to outline global trends in trade patterns and India’s strategies during its G20 presidency. The main data sources used in this study are international organizations such as the World Trade Organisation (WTO), the International Monetary Fund (IMF), and the World Bank, amongst others, which cover comprehensively the worldwide trends in international trade, economies’ performances, and consequences of policies. Official reports from the G20 and the Indian government’s trade statistics, including some data from the Ministry of Commerce and Industry, were used to capture details specific to India’s trade policies and economic performance. The following are the key indicators to be analyzed:
• Global trade volume growth (2019–2023): Tracking changes in global trade during the pandemic and post-pandemic.
• Inflation rates (2020–2023): Analyzing inflationary trends of G20 economies, especially India.
• Foreign Direct Investment inflows to India (2015–2023): The impact of India’s trade policies on FDI attraction.
• Indicators for sustainable trade: Export related to green technology and renewable energy.
• Digital trade growth: Metrics include increased transactions through UPI and how e-commerce growth is trending.

Methodology

The study adopts a mixed-method approach, where qualitative and quantitative research methods offer an all-rounded analysis of the issue.

Qualitative Analysis:

Policy Analysis: This involves evaluating the main policy initiatives that include reviewing digital trade promotion, sustainable trade practices, and enhancing South-South cooperation, primarily through Africa.
Case Studies- Several case studies have been prepared to show India’s progress in strategic sectors, such as semiconductor manufacturing and renewable energy exports. These case studies depict how specific policies can affect India’s position on the global trading table.

Quantitative Analysis:

The statistical data of volumes, growth rates, and inflation have been drawn mainly from government reports and online databases.
Statistics have been compiled and formalized into graphs and tables to present major trade indicators and trends of the economy.

Results and Discussion

Global Trade Trends and India’s G20 Presidency

India took over the G20 presidency in 2023, and it has been the most crucial step in India’s growth. It has introduced itself as the hub of the global economic governance model. India received the G20 presidency at the most critical time when the global economy faced challenges such as increased inflation and disruption in the supply chain, which offered a rare opportunity to influence the conduct of international trade and tariff exchange. The global economy is presently in the stage of gradual recovery from the disruptions that were caused by the COVID-19 pandemic. The recovery has progressed unevenly, with advanced economies having a good cushion from massive fiscal stimuli.

At the same time, the majority of poorer nations still wallow in stagnant growth and rising inflation. In 2023, the International Monetary Fund (IMF) projected a growth of 2.7% in the world economy, but inflation is an important issue and is predicted to be at 6.5%. (IMF,2023). This makes India’s economic difficulties during its tenure a matter of much controversy (IMF, 2023). Economic conflicts between great powers like the US and China also contributed to inflation, creating barriers to international trade and global supply chains. (Zhang, 2022).

The growth patterns of India’s trade from 2019 to 2023 have demonstrated promising trends, particularly in digital trade, sustainable trade, and FDI inflows. Digital trade, encompassing digitally ordered transactions—such as online marketplace purchases or booking stays via matching applications—and digitally delivered services like streaming content or architectural designs, is rapidly becoming a key driver of India’s export growth.

This shift toward digital trade aligns with India’s broader strategic goals, positioning the country to take advantage of multilateral agreements and initiatives like “Make in India” and “Atmanirbhar Bharat.” These initiatives aim to boost domestic manufacturing while reducing dependency on imports. By enhancing production capacities and promoting a self-reliant economy, these national policies have contributed significantly to export growth, further strengthening India’s position in global trade.

Figures 1 and 2 highlight India’s trade growth and trade deficit from 2021 to 2023. Exports increased from $400 billion in 2021 to $550 billion in 2023, while imports grew from $420 billion to $580 billion over the same period. Despite the high trade activity levels, the persistent trade deficit remains a concern as imports continue to outpace exports. In this context, initiatives like “Make in India” and “Atmanirbhar Bharat” are critical in addressing these risks by promoting local manufacturing and reducing import dependency. These programs aim to reduce reliance on imports and foster self-reliance by encouraging foreign and domestic investments in manufacturing.

Additionally, FDI inflows into key sectors such as technology and manufacturing have further boosted India’s production capacity, contributing to overall trade growth. By focusing on sustainability, these policies support local industries, create jobs, and drive technological advancements while aligning with global digital trade trends. Ultimately, these initiatives significantly ensure a balanced, resilient, and sustainable trade environment, reinforcing India’s leadership in multilateral trade and securing favorable terms for global trade participation.

Digital trade will find more significance in India’s export prospects, as the country’s growth is now followed by its tech sector, which is leading many of the gains in growth. Further, with multilateral agreements, India’s active participation will be significant in securing more favorable terms of trade and access to markets for its exporters, thus positioning the country for stronger export performance in the years ahead.

Reviving Multilateral Trade Agreements

India has consistently demonstrated a committed role in reviving multilateral trade agreements to ensure that the perspectives and priorities of developing countries are adequately represented in global trade negotiations.

At the World Trade Organization (WTO), India has advocated for a more inclusive and equitable trading system. This involves promoting a rules-based, transparent, and non-discriminatory framework for regulating trade and investment, which is particularly significant for developing nations seeking to shield themselves from the potentially adverse effects of rapid trade liberalization (Baldwin, 2016).

India’s efforts are rooted in the understanding that the liberalization of world trade can disproportionately impact economies with weaker industrial bases or nascent sectors. By championing the cause of these nations, India not only strengthens its position as a voice for the Global South but also contributes to addressing structural imbalances within the global trade system. For example, India’s leadership in ensuring special and differential treatment provisions at the WTO highlights its commitment to enabling equitable market access for developing economies.

However, challenges remain, as past research and policy analysis have highlighted persistent discrepancies between the interests of developing nations and the dominant global trade agenda. India’s leadership is expected to mitigate these disparities by advocating for restructuring international governance mechanisms to reflect the realities of contemporary commerce.

This includes pushing for reforms in WTO decision-making processes to better align them with the interests of a diverse range of stakeholders. By doing so, India seeks to foster a multilateral trading environment that balances the need for liberalization with protections that ensure sustainable and inclusive growth.

Strengthening Global Supply Chains

The other primary concern during India’s G20 presidency is the supply chain fragility that the pandemic has brought to the fore and the progressing geopolitical tensions. The expansion of semiconductor manufacturing in the country has become an exemplary example of the measures India is now adopting to address such matters. Such a strategic push for higher semiconductor production has thus attracted FDI and collaborative partnerships with global technology majors, further stabilizing the technology supply chains. (Government of India, 2023)

Other research studies have indicated that the strategy of the Indians toward establishing supply chain resilience through its self-reliance policy, namely “Atmanirbhar Bharat,” has been mixed. While a few sectors have successfully increased domestic manufacturing in certain spheres, some have very high import dependency- that is, more policy correction will be required to improve global supply chain integration.

Sustainable Trade Practices

Sustainable Trade Practices involve the exchange of goods and services that generate social, economic, and environmental benefits while adhering to sustainable development principles. These include creating economic value, reducing poverty and inequality, and preserving environmental resources through responsible use and reuse. Such practices emphasize decent working conditions and sustainable resource management, with fair trade being a notable model within this framework. The Indian G20 presidency has continued to focus on the character of trade practice, especially climate change and green technology exports. One of the significant outputs of this research study is that India’s trade policy goes hand-in-hand with the UN Sustainable Development Goals, especially regarding the agenda on renewable energy and green technology. The move to look for a green trade agenda for G20 under India’s leadership has been realized by all as it attempts to balance economic growth and environmental sustainability.
The significant area left without robust reinforcement mechanisms is the lack of globally robust mechanisms for monitoring and reporting sustainability in trade practices. Suppose it works in the direction of building better frameworks toward facilitating monitoring and reporting. In that case, the Indian presidency can become quite strong by making it difficult for countries to hide behind commitments to sustainability.

Digital Trade and Innovation

India is today the future world leader in digital trade, particularly when considering e-commerce and digital payments. However, there has been a recent rise in India’s digital economy with increased investments into digital infrastructure in the Unified Payments Interface and e-commerce.
Because cross-border data flows are promoted and because they allow for harmonization of digital regulations, India’s digital trade will increasingly grow. The research found a growing digital divide between developed and developing countries. Of course, there has been remarkable progress in digital innovations in India, but there is still a lot to be done regarding digital inclusion.

The answer to this divide, especially at the grassroots level, will be providing an equal sharing of the benefits of digital trade. Table 1 presents the growth of the digital economy in India from 2019 to 2023; the digital sector’s contribution to the GDP has risen by leaps and bounds, catapulting from an 8.5% position in 2019 to an excellent 11.8% in 2023. This tremendous growth was intertwined with the COVID-19 pandemic to hasten a leap towards digital platforms. When businesses and customers shifted towards online solutions for e-commerce and digital payments, India’s digital economy also saw an enormous thrust in that direction. For example, investments in digital infrastructure – such as in the UPI – further spurred this growth through broad access, encouraging payment by digital means, and financial inclusion.
Leadership by India of the G20 has been crucial in shaping the global policies on digital trade, such as cross-border data flows and harmonization of digital regulations.

These will enable India to take a leading position in digital trade in the future. This will make possible its influence over the extant or prospective global standards and increase its share in the developing digital economy. International cooperation under South-South frameworks also promotes the increase in the digital trade of developing countries, which will strengthen India’s relations with other developing countries and spur economic integration.

However, all this notwithstanding, the stubbornly substantial digital divide, i.e., the gap between individuals, businesses, etc., that have access to modern information and communication technology and those that do not. This gap persists between the developed and the developing nations; indeed, this is still even more pronounced within India itself.

While urban areas have made tremendous strides in digital adoption, rural areas are far behind both in terms of access and digital literacy. Closing such gaps would enhance equal benefits through higher access to digital trade. In this regard, under G20’s digital inclusion emphasis for India, it is fundamentally important to bridge the gap and lead to sustained growth in the digital economy across all sectors of society.

Therefore, this table reflects the strong growth in India’s digital economy and an emerging role in world digital trade powered by strategic investments, policy leadership, and a growing commitment to digital inclusion.

South-South Cooperation: India-Africa Trade Partnerships

India’s role under the G20 presidency is increasingly visible in promoting South-South cooperation. India’s collaboration with Africa is a prime example of mutually beneficial partnerships between developing nations. India and Africa’s trade relations, particularly in pharmaceuticals, agriculture, and renewable energy, have grown significantly over the last decade. These sectors have contributed to both regions’ economic and humanitarian development (Kumar & Shah, 2021). The India-Africa case study demonstrates the positive impact of low-cost medicines and agricultural technology transfers, which have been pivotal in improving health outcomes and food security in Africa. However, infrastructure deficits and regulatory hurdles still hinder deeper trade integration.

Figure 3 illustrates the bilateral trade trends between India and Africa from 2015-2016 to 2022-2023. The data shows a steady increase in trade, exports, and imports up until 2020-2021 when the COVID-19 pandemic caused a notable decline in trade volumes due to disruptions in global supply chains and economic slowdowns. However, from 2021-2022 onwards, India-Africa trade has sharply rebounded, particularly in the pharmaceutical, agricultural, and renewable energy sectors.

This recovery reflects India’s leadership within the G20 and its focus on strengthening South-South cooperation, particularly in sectors that directly contribute to Africa’s development. India’s trade policies aim to encourage South-South cooperation by promoting the sale of low-cost medicines and facilitating agricultural technology transfer, aligning with broader goals of ensuring sustainable development in developing economies.

India is also actively shaping global policies on digital trade and South-South cooperation by advocating for a more inclusive, multilateral approach to trade agreements. Through initiatives like “Digital India,” India is working to bridge the digital divide in developing nations, including Africa, by enhancing digital infrastructure and promoting digital literacy. India’s policies also emphasize strengthening partnerships in renewable energy and technology transfer, which have become key pillars of South-South cooperation. By fostering digital connectivity and technology exchange, India aims to create a more resilient global trade system that benefits developing countries. These strategies, aligned with India’s leadership role in the G20, help to enhance trade relations with Africa and other developing regions, ensuring a more equitable and sustainable global trading environment.

Facilitating Global Trade Recovery Post-Pandemic

Due to the post-COVID-19 period, India has, in a very special manner, taken part actively in the reconstruction of the world and increased its recognition in the global order with the distribution of vaccines, expansion of the healthcare system, and attracting foreign investment. This pandemic occasioned disruption of international trade and economic activities on an incomparable scale, with many countries struggling to restore their economies. How India has shied away from complacency in tackling these challenges has not only improved the resilience of its economy but also the recovery from the impacts of COVID-19 worldwide.

Another of India’s achievements regarding COVID-19 was seen in its commitment to the cause of global vaccination. Manufacturing vaccines for internal requirements and for the ‘Vaccine Maitri ‘ global program, India was the biggest vaccine manufacturer in the world. WHO records indicate India provides over 200 million vaccination doses to 90 countries, primarily in the global south. This promotional activity aided these countries in fighting the pandemic and salvaged their healthcare systems. With such a global approach to vaccine distribution, India established closer trade and diplomatic relations with many developing countries because it was committed to global health equity.

Apart from this, in terms of their emphasis on vaccine delivery, India has also focused on augmenting the healthcare systems on the domestic continent and globally in all nations. Some resources and strategies worked towards enhancing the availability of medical devices, increasing the pharmaceutical trade, and engaging in technological transfers, which proved helpful for this purpose. India’s pharmaceutical sector, also called the pharmacy of the world, was one of the main contributors to keeping the world supplied with essential drugs and vaccinations throughout the pandemic.

The Indian economy has undergone drastic changes that would enable more significant foreign investments. Determined to rebuild, the country has been expanding FDI from many sectors like healthcare, pharmaceuticals, manufacturing, and digital technology, knowing the importance of strong supply chains. These measures have made India one of the countries ready to step in the recovery of global trade, and since 2021, the volume of India’s foreign trade has shown steady growth.

With a strong focus on the distribution of vaccines, developing the healthcare infrastructure, and promoting trade and investment, China is leading the way in global recovery post-COVID-19 pandemic. Supporting policies that foster economic development domestically and abroad continues to posit India as one of the countries reconstituting the global trade architecture in the aftermath of COVID-19.

India’s focus on healthcare investment and vaccine delivery was more significant, and it not only boosted its economic growth but also gained an upper ground as a reliable health stakeholder in the global aspects, which is important for future trading relationships. While India seeks to protect its immediate trade in a multifaceted manner, it is fully aware of the importance of restoring foreign trade, including competition in attracting long-term investments with resource-distributed countries.

Challenges and Criticisms

The research served to bring forth some issues and criticism related to India’s G20 presidency and, more broadly, the strategy for trade. First, though India has been a champion for the cause of developing countries, there are caveats with the increasing protectionist policies towards trade, especially when some of its current supply chain segments may come under threat from back-hauling domestic investments. This often says that India’s self-reliance drives contradict the country’s demands on global trade being ‘open and inclusive.’

The rest of the world has yet to see positive economic recovery, not to mention anything else brought upon by the pandemic, given that several developing countries are still experiencing inflation and slow growth issues. The presidency in India will face challenges inside and outside its borders, espousing policies that promote further global economic stability and growth.

Based on this, this study fills critical gaps in India’s strategic role in G20 terms: the sustainable practice of trade, digital innovation, and South-South cooperation. Indeed, despite optimism over the presidency of India revitalizing multilateralism and reinforcing global supply chains, more remains to be done with respect to crafting a balance between protectionist policies and ongoing trade liberalization efforts and ensuring that all sections of the population are included in new digital applications.

Conclusion

India marked a critical turning point in global trade governance during its G20 presidency. Due to its unique positioning, India has driven change in many significant areas: it has promoted sustainable trade practices, embarked on digital trade, and restarted multilateral trade agreements. As such, India will also strengthen its economic posture while contributing toward designing the future of global trade.

To this end, India’s policy of South-South cooperation and its trade ties with several African countries show that the country is committed to inclusive economic development and ensures that the Global South is not left behind in the dynamics of international trade. One must note that with all these advances, there are still problems in achieving a balance between protectionist policies and open, clear, and transparent global trade systems for the welfare of all parties involved, especially for developing nations.

There lies an opportunity under the G20 presidency of India to form directions for economic recovery from the pandemic’s effects. There is a focus on equitable growth, sustainability, and innovation, ensuring a lasting impact on global approaches to trade policies and guaranteeing resilience and inclusiveness for future growth.

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