G20 in China: B20 raises the bar for global e-economy
HANGZHOU (China): China is poised to leave its imprint on the G20 process at the summit of major economies in the scenic city of Hangzhou on September 4-5. The 11th G20 summit aims at restoring global growth through new policy initiatives and enhanced macro-economic coordination among G20 economies. Ahead of the summit, nearly 800 business leaders of G20 countries will meet over the weekend and present a spectrum of ambitious initiatives to revitalise the global economy, which include developing a multilateral trading system, promoting green financing and creating a global electronic trade platform, known as the eWTP.
Fast-tracking the World Trade Organisation’s Trade Facilitation Agreement will be a major focus area at the G20 summit, which will be attended by not just the leaders of G20 economies, but also a host of other countries, such as Egypt, Chad, Senegal, Kazakhstan, Singapore, Spain, Laos and Thailand. India had ratified TFA in April. India’s Prime Minister Narendra Modi will be in Hangzhou for the G20 summit, and is expected to push for curbing trade protectionism and enhancing global growth through innovative initiatives.
The proposed construction of the eWTP is set to be a game-changer in accelerating global e-trade and the development of internet economy, a major focus area at the 11th G20 summit.
The eWTP is the brainchild of Jack Ma, chair of the B20’s SME development taskforce and chairman of the multi-billionaire dollar Alibaba Group. “The idea of an electronic world trade platform, eWTP, a mechanism for public-private dialogue in the development of crossborder e-trade, will improve the current trade framework and help small and medium-sized enterprises, developing countries, women and the young generation participate in the global economy,” Jack Ma. Read more…