New Delhi, Jun 11 (IANS): Union Minister Piyush Goyal has called for de-escalating trade tensions and reviving confidence in the rules-based multilateral trading system.

"The slowdown in global trade and investment is of serious concern to all of us as it adversely affects economic growth, development and job creation. The ongoing trade tensions are affecting confidence of businesses around the world," said Goyal, who holds the commerce and industry and railways portfolios.

He said India joins other nations in calling for de-escalating trade tensions and reviving confidence in the rules-based multilateral trading system which was created so painstakingly.

Goyal spoke at the two-day 'G20 Ministerial meeting on Trade and Digital Economy' from June 8 to 9 in Tsukuba city, Japan.

"India urges G20 to provide preferential market access to MSMEs in developing countries to be part of the Global supply chains," he said in another intervention at the summit.

Over 50 trade and digital economy ministers met for the first time in G20's history to discuss "how G20 economies can promote trade and investment and maximize benefits from the development of the digital economy and technologies to ensure sustainable growth of the global economy".