G20 needs to rebuild confidence in international trade: PM Modi

Prime Minister Modi was addressing the G20 Trade and Investment Ministers’ Meeting in Jaipur

Prime Minister Narendra Modi on Thursday said the G20 needs to build resilient and inclusive global value chains that can withstand future shocks, as the world economy has gone through tough challenges of the pandemic and geo-political tensions.

He was addressing the G20 Trade and Investment Ministers’ Meeting in Jaipur, via video link. “As G20, it is our responsibility to rebuild confidence in international trade and investments,” he said.

The Prime Minister asked the conference to consider India’s proposal to create a Generic Framework for Mapping Global Value Chains. This framework aims to assess vulnerabilities, minimize risks, and enhance resilience, he said.

Stressing on the benefits of digitalization of trade documents, he said he was happy the G20 Ministers were working on the ‘High Level Principles for the Digitalization of Trade Documents’. These principles can help countries in implementing cross-border electronic trade measures, and reduce compliance burdens, he said.

As cross-border E-commerce continues to grow, there are challenges as well, Mr Modi said. “We need to work collectively to ensure equitable competition between large and small sellers. We also need to address the problems faced by consumers in fair price discovery and grievance handling mechanisms,” he said.