Addressing the G20 Trade and Investment Ministerial summit, Prime Minister Narendra Modi emphasized the need for balanced competition between large and small e-commerce businesses. He called for empowering small enterprises to seamlessly integrate with global supply chains while highlighting India’s proposal to create a Generic Framework for Mapping Global Value Chains. The framework aims to assess vulnerabilities, minimize risks, and enhance resilience in the wake of the COVID-19 pandemic and geopolitical tensions.
With the world economy facing unprecedented challenges, PM Modi stressed the collective responsibility of G20 nations to restore confidence in international trade and investment processes. He underscored the significance of Micro, Small, and Medium Enterprises (MSMEs), which contribute 60% to 70% of employment and 50% of the global Gross Domestic Product (GDP).
In his address, Prime Minister Modi introduced the ‘Jaipur Initiative,’ designed to provide essential market information to MSMEs. He expressed confidence in the upgraded Global Trade Help Desk to bolster MSME participation in global trade. Additionally, PM Modi highlighted the growth of global cross-border e-commerce and its challenges for smaller players and consumers, emphasizing the need for equitable competition and improved grievance handling mechanisms.
PM Modi commended the efforts to establish ‘High-Level Principles for the Digitalization of Trade Documents,’ which can facilitate cross-border electronic trade measures and alleviate compliance burdens.
Concluding his address, Prime Minister Modi expressed confidence in the G20 Trade Ministers’ ability to guide the global trading system towards a more representative and inclusive future. The ministers are expected to collaborate on a communique during their two-day meeting.