France's Minister Emphasizes the Crucial Role of Sustainable Trade in Economic Development

25 Aug, 2023

France's Minister Emphasizes the Crucial Role of Sustainable Trade in Economic Development

Olivier Becht, the French Minister for Foreign Trade, Attractiveness, and French Nationals Abroad, expressed France's belief in the pivotal role of sustainable and inclusive trade within global economic development and the reduction of poverty. Speaking at the G20 Trade and Investment Ministers' Meeting on August 24 in Jaipur, Becht highlighted the importance of ensuring equitable distribution of trade benefits and facilitating the integration of less developed nations into sustainable value chains.

Becht emphasized that fostering trade inclusivity necessitates assisting less developed countries in enhancing their capacity, trade-related infrastructure, and adherence to international trade regulations through supportive programs, including trade facilitation initiatives. He underlined the responsibility of G20 members in aiding the development of value creation in economically challenged and least-developed regions, enabling them to fully capitalize on the advantages of worldwide trade.

In line with this, Becht underscored the significance of aiding Micro, Small, and Medium Enterprises (MSMEs) in accessing global trade. The French government prioritizes supporting MSMEs, acknowledging the obstacles they face in entering global trade, such as information access, financing, and market entry. Becht pointed out that digitalization can serve as a tool to facilitate MSMEs' access to export opportunities and resources, citing the "Team-France Export" digital platform established in France as an example of successful collaboration between public and private entities to aid SMEs.

He noted the increase in the number of French SME exporters in recent years, nearing a record of 150,000, and expressed concern about the growing trend of protectionist measures and the erosion of the multilateral trading system's rule-based foundation, which negatively impact global prosperity and the participation of developing economies in international trade.

Becht addressed the vulnerability of supply chains, evident during the Covid-19 crisis, highlighting the growing integration of supply chain security into strategic planning by companies. He commended the G20's generic framework for mapping global value chains, stressing the role of governments in raising awareness about vulnerabilities.

Furthermore, Becht emphasized the interconnectedness of trade, sustainability, and climate considerations, asserting that they must be aligned. He expressed hope that ongoing plurilateral initiatives focusing on sustainable development will yield substantive and ambitious work plans during the 13th World Trade Organization (WTO) Ministerial Conference.