PMs Keynote at the G20 Trade & Investment Ministers’ Meeting

Championing Global Trade and Connectivity: Prime Minister’s Inaugural Statements

During a virtual participation in the G20 Trade and Investment Ministers’ Meeting, the Honorable Prime Minister of India, Shri Narendra Modi, extended a hearty welcome to all participants and emphasized the historical role of trade in fostering cultural exchange, idea dissemination, and technological advancement. He noted that through trade, diverse societies have been drawn together, and he underlined how trade and globalization have been instrumental in alleviating extreme poverty for countless individuals.

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G20 Trade & Investment Ministers’ Meeting: India’s Ascendance as an Economic Power

Bringing attention to the buoyant sentiment surrounding India’s economy, Prime Minister Modi underscored the nation’s emerging image as a fusion of openness, opportunities, and choices. He took pride in India’s elevation to the world’s fifth-largest economy over the past nine years, attributing this achievement to the government’s relentless commitment. He recollected the transformative path embarked upon in 2014, characterized by the guiding tenets of “Reform, Perform, and Transform.” This journey has been marked by a concerted drive towards enhanced competitiveness, transparency, digitization, innovation, and modernized infrastructure.

Transitioning from Bureaucracy to Facilitation: G20 Trade & Investment Ministers’ Meeting

The Prime Minister celebrated India’s shift from cumbersome bureaucratic procedures to a more welcoming economic landscape, often epitomized as the transition from “red tape to red carpet.” The liberalization of Foreign Direct Investment (FDI) inflows, coupled with the establishment of dedicated freight corridors and industrial zones, has been instrumental in propelling the nation’s economic progress. Initiatives such as Make in India and Aatma Nirbhar Bharat (Self-Reliant India) have breathed new life into the manufacturing sector and established a stable policy framework within the country. With unwavering resolve, Prime Minister Modi presented a bold vision of positioning India as the world’s third-largest economy in the foreseeable future.

G20 Trade & Investment Ministers’ Meeting: Confronting Global Trials and Rebuilding Trust

Acknowledging the weighty challenges posed by global upheavals like the pandemic and geopolitical tensions, the Prime Minister emphasized the collective duty of G20 nations to reinstate faith in international trade and investments. In response to these challenges, Prime Minister Modi advocated for the creation of robust and inclusive global value chains, capable of enduring future shocks. He shone a spotlight on India’s proposition for a Universal Framework to Map Global Value Chains, an innovative approach aimed at identifying vulnerabilities, minimizing risks, and fortifying overall resilience.

Leveraging Technology for Trade Transformation

The Prime Minister underscored the undeniable influence of technology on trade dynamics. He presented the example of India’s successful adoption of the Goods and Services Tax (GST), a single online indirect tax that streamlined inter-state trade and ushered in a unified internal market. He also highlighted India’s Unified Logistics Interface Platform, crafted to elevate the transparency and affordability of trade logistics. Another groundbreaking initiative, the ‘Open Network for Digital Commerce,’ was characterized as a game-changer that democratizes the digital marketplace ecosystem. The Prime Minister hailed this innovation as akin to the triumph of the Unified Payments Interface (UPI) in the realm of payment systems. Digitalization, he emphasized, holds the promise of expanding market reach and streamlining cross-border trade processes.

G20 Trade & Investment Ministers’ Meeting: Upholding Fairness and Multilateralism in Trade

Reiterating India’s steadfast commitment to a rules-based, all-encompassing, and multilateral trading system, Prime Minister Modi championed the World Trade Organization (WTO) as its cornerstone. He highlighted India’s advocacy for the Global South at the 12th WTO Ministerial Conference, a landmark event resulting in consensus to safeguard the interests of farmers and small businesses. Acknowledging the pivotal role of Micro, Small, and Medium Enterprises (MSMEs) in the global economy, the Prime Minister underscored the need for uninterrupted support to ensure their empowerment. He unveiled India’s credo of “Maximum Support to Micro, Small, and Medium Enterprises,” reflecting the nation’s laser focus on their growth. The government’s integration of MSMEs into public procurement through the Government e-Marketplace and its dedication to sustainable practices via the ‘Zero Defect, Zero Effect’ approach were highlighted as momentous strides.

A Shared Responsibility for an Inclusive and Representative Future

In his closing statements, Prime Minister Modi stressed the collective obligation of G20 members as a global family to rejuvenate trust in international trade and investment mechanisms. He radiated optimism that the combined endeavors of the working group would pave the path for a global trading system that encapsulates inclusivity and representation. With these visionary words, the Prime Minister concluded his address, underscoring India’s unswerving commitment to nurturing collaboration, innovation, and prosperity in the domain of trade and investment.

Priti Palit

Priti Palit, an accomplished edtech writer, boasts a wealth of experience in preparing candidates for multiple government exams. With a passion for education and a keen eye for detail, she has contributed significantly to the field of online learning. Priti’s expertise and dedication continue to empower aspiring individuals in their pursuit of success in government examinations.

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