Differences blocked G20 trade outcome: Goyal

Chicago: Differences among some countries prevented G20 trade ministers from agreeing on an outcome document at their meeting in Milwaukee, Commerce and Industry Minister Piyush Goyal has said, even as he described the discussions as fruitful and pointed to areas of convergence among major economies.

Speaking at an event organised by the US Indian Community Foundation in Chicago after attending the G20 Trade Ministers’ Meeting in Milwaukee, Goyal said ministers discussed forced labour, the future of the World Trade Organization and the impact of large state-supported production capacities on manufacturing.

“So we had very good discussions. I think it was a very fruitful set of conversations,” Goyal said during an interaction with the Indian-American community.

“Of course, because of differences of opinion in some of the other countries, they were not able to have an outcome document,” he said.

Goyal did not identify the countries responsible for the differences or spell out the issues that prevented agreement on an outcome document.

He said there was, however, agreement among several countries on areas raised during the US presidency of the G20.

Goyal also said the ministers discussed trade in goods made using forced labour and the need for collective action.

“We all agreed that we should collectively all the G20 nations oppose any importation of goods which are produced by a post labor,” he said, according to the transcript. The transcript appears to have rendered the reference to forced labour inaccurately in this sentence, and the surrounding portion is partially garbled.

The Commerce Minister said the discussions also covered the future of the WTO, which he described as being under “severe stress”.

Another focus was the effect of large production capacities created with government support on manufacturing elsewhere.

Goyal said discussions were held on ensuring that “certain geographies with very large production capacities created at different points of times with government support should not be allowed to hurt manufacturing in countries where fair trade and honest business practices are carried out such as the United States or Europe or India.”

He did not name the geographies he was referring to.

The comments provide Goyal’s assessment of the two-day ministerial after a series of meetings in Milwaukee involving the world’s major economies.

The inability to produce an outcome document underscored the differences that remain within the G20 on some trade issues, although Goyal stressed areas where participating countries found common ground.

Asked about the G20 leaders’ summit in Miami, Goyal said the matter would be decided at the leadership level.

“As regards the summit in Miami, that is for the two leaders to decide,” he said.

Goyal travelled to Chicago following the Milwaukee meeting and spent Friday engaging with American businesses and the Indian-American community.

He said he met businesses of different sizes during the day through US business organisations and held several one-on-one meetings with large investors. He also used the Chicago interaction to invite Indian-American businesses to increase investment in India and participate in its economic expansion.

The G20 brings together major developed and emerging economies and serves as a forum for coordination on international economic issues. Trade discussions within the grouping have increasingly had to navigate differences over industrial policy, subsidies, supply chains and the functioning of the multilateral trading system.

The United States holds the G20 presidency in 2026, with the Milwaukee trade ministerial forming part of the meetings leading to the leaders’ summit. Goyal represented India at the trade ministerial before travelling to Chicago for business and community engagements.

IANS