Global value chains must provide level playing field to developing nations: PM Modi

Emphasising on the fact that global trading regime needs to respond to the needs and priorities of the developing nations, Prime Minister Narendra Modi on Monday urged the global value chains to provide developing nations a 'level playing field.'

Intervening in the session on 'Robust International Trade and Investment' on the second day of the 11th G20 Summit here in Hangzhou, Prime Minister Modi said global trade is at a cross roads.

"Vision of transparent, equitable, non-discriminatory, open, inclusive and rule-based global trading architecture should underpin collective efforts," he added.

Stressing on the fact that trade facilitation is important among the global nations; he urged all countries to fully implement the Bali and Nairobi Ministerial decisions

The Prime Minister insisted that India's priority is to work towards trade facilitation agreement for services.

He also called on the G20 member nations to act to stimulate investment flows.

"Transformed and liberalized investment regime has put India among top host nations for FDI. Global investment principles shouldn't be prescriptive. Countries need policy space depending on national circumstances and developmental focus," he said.

Earlier in the day, Prime Minister Modi said that fighting corruption, black money and tax evasion is the key to effective financial governance.

Intervening in the session on 'More Effective and Efficient Global Economic and Financial Governance' at the G20 Summit, he called for zero tolerance for corruption and black money and zero administrative, policy and treaty loopholes in this area.

He said that the G-20 member nations need to act to eliminate safe havens for economic offenders and track down and unconditionally extradite money launderers.

Prime Minister Modi also held his first bilateral meeting with British counterpart Theresa May on the sidelines of the G20 Summit.

He also met French President Francois Hollande and Turkish President Recep Tayyip Erdogan.

Yesterday, he held bilateral talks with Chinese President Xi Xinping, Australian Prime Minister Malcolm Turnbull and Deputy Crown Prince of Saudi Arabia Mohammad Bin Salman on the sidelines of the summit.