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Piyush Goyal participated in 2nd G20 Trade & Investment Ministers Virtual Meeting

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2nd G20 Virtual Trade & Investment Ministers MeetingOn 14th May 2020, Union Commerce and Industry Minister Piyush Goyal participated in a video conference of 2nd edition of trade and investment ministers of G20 countries following the G20 trade ministers meet on March 30, 2020 to discuss on COVID-19 situation.Saudi Arabia chaired the meeting.

Key Points:

i.This meeting was called upon by India to discuss and ensure that the use the Trade-Related Aspects of Intellectual Property Rights (TRIPs) of flexibilities under a World Trade Organisation(WTO) pact to enable the access of medicine, treatment and vaccines at affordable price among the G20 nations.

ii.This will enable the nations to issue compulsory licences to make generic copies of essential patented medicines to make the medicines available to all the people at a lower price.

iii.Piyush Goyal discussed with the G20 members to agree to aid the needy with  diagnostic and protective equipment and healthcare professionals across borders.

iv.India is providing medical supply for over 120 countries to fight against the COVID-19 situation in which 43 countries are receiving it as a grant.

v.Rs 75 crore Emergency fund is created and utilised to deliver urgent medical supplies, equipment and humanitarian assistance to the neighbouring countries using digital technologies.

vi.India is providing suitable accommodation in the visa status and addressing the distress of the professionals, students and workers stranded overseas.

About WTO:
Director General- Roberto Azevedo
Location- Geneva, Switzerland
Established- 1st January 1995