PM Modi Addresses G20 Trade And Investment Meeting; Remarked On MSMEs And Global Trade The Prime Minister also said that India believes in a rules-based, open, inclusive, multilateral trading system, with the WTO at its core
By Teena Jose •
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Prime Minister Narendra Modi on Thursday virtually addressed the meeting of G20 trade and investment ministers. The PM called for greater participation of MSMEs in global value chains while signifying the need for a greater focus on micro, small and medium enterprises (MSMEs).
In his opening remarks at the G20 Trade and Investment Ministers' Meeting in Jaipur, Modi said resilient and inclusive global value chains have to be built that can withstand future shocks and that India's proposal to create a 'generic framework for mapping global value chains' is important in this context.
"Current global challenges, from the pandemic to geo-political tensions, have tested the world economy. As G20, it is our responsibility to rebuild confidence in international trade and investments. 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," said Modi in a recorded voice message.
Signifying '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 the 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.
"Increasing the participation of the MSMEs in global trade and global value chains has been a priority of the Indian G20 presidency," Modi said. "We must pay more attention to MSMEs, given their key role in the global economy. MSMEs account for 60 to 70% of employment and contribute 50 per cent to the global GDP. They need our continued support. Their empowerment translates to societal empowerment," he added.
The Prime Minister further said that India believes in a rules-based, open, inclusive, multilateral trading system, with the WTO at its core. "India has advocated the concerns of the Global South at the 12th WTO Ministerial Conference. We were able to forge consensus on safeguarding the interests of millions of farmers and small businesses," he said.
