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July, 15

Global Trade: Need to restore faith in global trade, says PM Modi

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JAIPUR: PM Narendra Modi on Thursday called for rebuilding confidence in global trade and investments processes, amid turbulence in the global economy and geopolitical uncertainty.
He also suggested a “generic framework for mapping global value chains”. “This framework aims to assess vulnerabilities, minimise risks, and enhance resilience,” the PM said in his address at the meeting of G20 trade and investment ministers here.
The statement came at a time when countries are grappling with shortages and restricted access to several critical inputs, with Modi reiterating the need to build resilient global value chains that can withstand future shocks. In recent years, countries across the world have erected trade barriers, which include restrictions on imports and exports.
PM also underlined the need to focus on small businesses and give them equal opportunities to compete, including in ecommerce. “For us, MSME means Maximum Support to Micro, Small, and Medium Enterprises,” said Modi, while elaborating on how India has integrated MSMEs into public procurement through online platforms, such as, GeM (Government e-marketplace) and Open Network for Digital Commerce (ONDC).
Speaking about the proposed ‘Jaipur Initiative to foster seamless flow of information to MSMEs, Modi said this will address the challenge of inadequate access to market, and lack of information faced by MSMEs. He added that upgrading global trade helpdesk will increase participation of MSMEs in international trade. Even though MSMEs contribute equally to the world GDP and account for 60%-70% of the workforce, they are deprived of a level-playing field , he said. Pointing to the global optimism and confidence in the Indian economy, PM said India is seen as a combination of openness, opportunities, and options.





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