JAIPUR: During the G20 Indian Presidency, the city of Jaipur, famously known as the Pink City, will take on the role of the host for the Trade and Investment Ministers from G20 member nations, invited countries, and leaders of significant international organizations such as the World Trade Organization. This hosting will be for the Ministerial Meeting scheduled on the 24th and 25th of August, 2023.

Addressing the G20 Trade and Investment Ministers' Meeting held in Jaipur, Rajasthan, Prime Minister Narendra Modi spoke via video link, underscoring the historical significance of trade in fostering connections between societies, cultures, and technologies. He highlighted the transformative role of trade and globalization in uplifting millions from dire poverty over time.

Optimism radiated from Prime Minister Modi as he discussed India's economic landscape, portraying the nation as a realm of promise, receptivity, and alternatives. He pinpointed India's ascension to the world's fifth-largest economy, crediting the accomplishment to unwavering governmental endeavors, including the "Reform, Perform, and Transform" initiative, and policies that bolster competitiveness, transparency, digitalization, and innovation. He asserted the transition from bureaucratic hurdles to a more business-friendly environment, coupled with the liberalization of foreign direct investment (FDI) streams.

The Prime Minister delved into India's milestones, spotlighting achievements like the establishment of dedicated freight corridors and industrial zones, the liberalization of FDI regulations, and flagship programs like Make in India and Aatma Nirbhar Bharat (Self-Reliant India). He reasserted the government's resolve to propel India into the ranks of the world's top three economies.

Amid ongoing global challenges spanning the pandemic and geopolitical frictions, Prime Minister Modi underscored the urgency of reinstating confidence in international trade and investments, particularly among G20 nations. He drew attention to India's proposition for a Generic Framework for Mapping Global Value Chains, aimed at assessing vulnerabilities and boosting resilience.

Acknowledging technology's profound influence on trade, the Prime Minister cited India's shift to the online Goods and Services Tax (GST) system and the Unified Logistics Interface Platform as instances of technology-driven transformation. Initiatives such as the 'Open Network for Digital Commerce' and 'High-Level Principles for the Digitalization of Trade Documents' also featured prominently, highlighting the potential of digitalization in augmenting market access.

Advocating for a rules-based, inclusive, and multilateral trading framework anchored by the World Trade Organization (WTO), Prime Minister Modi showcased India's advocacy for the concerns of the Global South during the 12th WTO Ministerial Conference. He spotlighted the vital role of micro, small, and medium enterprises (MSMEs) in the global economy and revealed India's integration of MSMEs into public procurement through an online platform. The ethos of achieving 'Zero Defect' and 'Zero Effect' on the environment has been instilled in collaboration with these enterprises.

Prime Minister Modi affirmed India's commitment to weaving MSMEs into global trade and value chains, shining a light on the proposed 'Jaipur Initiative' aimed at providing these enterprises with enhanced market access and pertinent business information. He expressed confidence that enhancing the Global Trade Help Desk would catalyze greater MSME participation in global trade.

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