Led by Mittal, the delegates discussed ideas to enhance the contribution of global trade to inclusive growth and sustainable development as part of the 'Trade Dialogues' process, ICC said in a statement.

The process was launched with the support of ICC and the B20, the congregation of business leaders from G20 nations.

At this year's Trade Dialogues, ICC chaired discussions on e-commerce, trade and sustainable development, and investment facilitation.

“Digital economy is changing the composition, nature and speed of global trade leading to policy friction - today's trade rules reflect 20th century patterns of trade. With the size of e-commerce touching $25 trillion, digital infrastructure is a key determinant required by SMEs [small and medium enterprises] in developing countries to be a part of the global value chain," Mittal said.
There is a need to focus on bridging the digital divide in a meaningful manner to initiate the negotiations, he said.

"Without addressing the problems of SMEs in a digital environment, it will further marginalise them, Mittal added.

Groups of members have banded together in joint initiatives' to further global rules on these and other topics following the WTO's 11th Ministerial Conference in Buenos Aires last year.

ICC, which represents over 6 million private sector members in more than 100 countries, is the world's largest and most representative business organisation and served as the co-organiser of the Trade Dialogues event. (DS)

Fibre2Fashion News Desk – India