Shaping Global Commerce: Prime Minister’s Speech at G20 Trade Ministers’ Gathering
In a remarkable address to the G20 Trade and Investment Ministers’ Meeting via video link, India’s Prime Minister, Shri Narendra Modi, delivered a message of hope and determination from the vibrant Pink City of Jaipur, Rajasthan. The Prime Minister’s words echoed with warmth as he welcomed the attendees to this dynamic city, known for its enterprising spirit.
Highlighting the historical significance of trade, the Prime Minister emphasized how it has been a catalyst for cultural exchange, idea dissemination, and technological advancement. He reminded the audience that trade and globalization have successfully lifted countless individuals out of dire poverty, setting the stage for the vital discussions that lay ahead.
The Prime Minister underlined India’s emergence on the global stage, symbolizing a blend of openness, opportunity, and choice. He proudly stated that India has climbed to the ranks of the world’s fifth-largest economy, a journey fuelled by dedicated government efforts. This achievement, he noted, was spurred by the guiding principles of “Reform, Perform, and Transform,” initiated in 2014. Examples abound – heightened competitiveness, transparency, robust digitization, innovation promotion, and strategic infrastructure development, including dedicated freight corridors and industrial zones.
Gone are the days of bureaucracy, as the Prime Minister highlighted India’s shift from “red tape to red carpet,” accompanied by liberalized FDI flows. He applauded initiatives like “Make in India” and “Aatma Nirbhar Bharat,” which invigorated manufacturing and ensured policy stability. With conviction, he declared the government’s commitment to propelling India into the global top three economies.
Turning attention to contemporary global challenges, from the ongoing pandemic to geopolitical complexities, the Prime Minister shared that these have rigorously tested the world economy. He called upon the G20 nations to collectively rebuild confidence in international trade and investment, thereby ushering in a new era of growth.
Resilience, the Prime Minister emphasized, is paramount. He lauded India’s proposal for a Generic Framework to Map Global Value Chains, aiming to mitigate vulnerabilities and enhance resilience. Speaking passionately about technology’s transformative power, the Prime Minister hailed India’s successful transition to the Goods and Services Tax (GST), facilitating a unified internal market and boosting inter-state trade. He also noted India’s strides in logistics with the Unified Logistics Interface Platform.
Digitalization took centre stage, with the Prime Minister praising the “Open Network for Digital Commerce” as a game-changer set to democratize the digital marketplace. He linked this to the revolutionary Unified Payments Interface for seamless payments. The Prime Minister’s delight was evident as he commended the group’s effort towards the “High-Level Principles for the Digitalization of Trade Documents,” foreseeing reduced compliance burdens.
The Prime Minister highlighted India’s unwavering commitment to a rules-based, inclusive, and multilateral trading system, emphasizing the pivotal role of the WTO. He recalled India’s advocacy for the Global South’s concerns at the WTO Ministerial Conference. The Prime Minister spotlighted MSMEs as economic linchpins, accounting for a significant portion of employment and GDP. With zeal, he presented the concept of “Maximum Support to Micro, Small, and Medium Enterprises,” showcasing India’s initiatives such as integration into public procurement through the Government e-marketplace.
Concluding his address, the Prime Minister invoked the spirit of unity within the G20 as “One Family.” He expressed confidence in the group’s collective ability to rejuvenate international trade and investment, ushering in a more inclusive and representative future. From Jaipur’s historic heart, Narendra Modi’s words resonated, setting a course for a more resilient, interconnected, and prosperous world.