Prime Minister Narendra Modi on Monday expressed concern over a slowdown in global trade at the G20 Summit. “Prospects for increase in trade momentum remain bleak in the prevailing global economic environment. Efforts to accelerate global economic growth will help trade,” the Prime Minister said in his intervention during the working luncheon session at G20 Summit on “trade and energy”. “Slowdown in global trade is a major concern,” he said.
He said that given these circumstances, a transparent, equitable, non-discriminatory and rule-based trading system was essential for the global economy, especially in meeting the developmental objectives set out at the Doha round of talks under the aegis of the World Trade Organization.
“All elements of the Bali package should be implemented fully. We look forward to a successful outcome at the Nairobi Meeting in December,” he said, referring to the 2013 Ministerial Meeting held in the Indonesian island in 2013 and the upcoming one in Kenya during December 15-18.
Modi also said regional trade pacts should not lead to fragmentation of global commerce and must support a more liberalised multilateral trade regime.