Work collectively to ensure equitable competition between large, small sellers: PM Modi to G20 ministers

Prime Minister Narendra Modi on Thursday suggested the G20 trade ministers to work collectively to ensure equitable competition between large and small sellers as there are challenges in the fast growing crossborder ecommerceIn a video message at the G20 Trade and Investment Ministers meeting he also emphasised on the need to address the problems faced by consumers in fair price discovery and grievance handling mechanismsDigitizing processes and use of ecommerce have the potential to enhance market access I am glad that your group is working on the High Level Principles for the Digitalization of Trade Documents These principles can help countries in implementing crossborder electronic trade measures and reduce compliance burdensAs crossborder ecommerce continues to grow there are challenges as well We need to work collectively to ensure equitable competition between large and small sellers he saidTrade ministers of G20 grouping have gathered to discuss ways to promote international commerce and investmentsTerming the government initiative Open Network for Digital Commerce ONDC as a gamechanger he said it will democratise the digital marketplace ecosystemDigitizing processes and the use of ecommerce have the potential to enhance market access the prime minister addedModi also said that India is seen as a combination of openness opportunities and options as the world sees optimism and confidence in the Indian economyDuring the last nine years India has become the fifth largest global economy and it has increased its competitiveness and enhanced transparency he saidToday we see global optimism and confidence in the Indian economy India is seen as a combination of openness opportunities and options he saidIndia has expanded digitisation and promoted innovation and it has moved away from red tape to red carpet and liberalised FDI flows he saidAbove all we have brought policy stability he said adding we are committed to make India the third largest global economy in the next few yearsHe further said that the global uncertainties have tested the world economy and as members of the G20 it is the responsibility of the countries to rebuild confidence in international trade and investmentsWe must build resilient and inclusive global value chains that can withstand future shocks In this context Indias proposal to create a generic framework for mapping global value chains is important Modi saidHe added that this framework aims to assess vulnerabilities minimise risks and enhance resilienceFurther he added that there is a need to put special focus on MSMEs as they account for 60 to 70 per cent of employment and contribute 50 per cent to the global GDPThey need our continued support For us MSME means maximum support to micro small and medium enterprises he saidFurther he said that 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 the sectorI am confident that you will work collectively to ensure that the global trading system gradually transitions into a more representative and inclusive future he addedThis story has been sourced from a third party syndicated feed agencies Midday accepts no responsibility or liability for its dependability trustworthiness reliability and data of the text Midday managementmiddaycom reserves the sole right to alter delete or remove without notice the content in its absolute discretion for any reason whatsoever