Prime Minister Narendra Modi addresses the G20 Trade and Investment Ministers’ Meeting in Jaipur, by way of a video convention, on Thursday, August 24, 2023.
| Photo Credit: PTI
Prime Minister Narendra Modi on Thursday made a robust pitch to make sure “equitable” competitors between giant and small distributors within the e-commerce house and empower small enterprises to combine with international provide chains.
The Prime Minister, in his opening tackle to the G20 Trade and Investment Ministerial summit, mentioned it was the collective duty of those 20 nations to rebuild confidence in worldwide commerce and funding processes because the world economic system has been examined by the COVID-19 pandemic and geo-political tensions.
“We must build resilient and inclusive global value chains that can withstand future shocks. In this context, India’s proposal to create a Generic Framework for Mapping Global Value Chains is important. This framework aims to assess vulnerabilities, minimiSe risks, and enhance resilience,” Mr. Modi mentioned.
Seeking extra consideration from international coverage makers on the wants of Micro, Small and Medium Enterprises (MSMEs), the Prime Minister identified that they accounted for 60% to 70% of employment and 50% of the worldwide Gross Domestic Product or GDP.
Societal empowerment
Noting that empowering smaller corporations interprets to societal empowerment, Mr. Modi mentioned that for the federal government, MSMEs stood for ‘Maximum Support to Micro, Small, and Medium Enterprises’ which was why enhancing their participation in international commerce and international worth chains had been a precedence of the Indian G20 presidency.
“The proposed ‘Jaipur Initiative to foster seamless flow of information to MSMEs’ will address the challenge of inadequate access to market and business-related information faced by MSMEs. I am also confident that the upgrade of the Global Trade Help Desk will increase participation of MSMEs in global trade,” he mentioned.
The progress of worldwide cross border e-commerce poses challenges for smaller players in addition to customers that want decision, the Prime Minister identified. “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,” Mr. Modi mentioned, including that digitising processes can improve market entry together with e-commerce.
“I am glad that your group is working on the ‘High Level Principles for the Digitalisation of Trade Documents’. These principles can help countries in implementing cross-border electronic trade measures, and reduce compliance burdens,” he famous.
“I am confident that you will work collectively to ensure that the global trading system gradually transitions into a more representative and inclusive future,” Mr. Modi mentioned, concluding his tackle to Trade Ministers from the G20 nations who’re anticipated to work out a communique over their two-day meet right here.
