PM Modi is advocating for a fair and equitable environment for smaller e-commerce businesses

On Thursday, Prime Minister Narendra Modi emphasized the need for fair competition between large and small e-commerce vendors and the empowerment of small businesses to connect with global supply chains. Addressing the G20 Trade and Investment Ministerial summit, Modi highlighted the shared responsibility of the 20 participating nations in restoring confidence in international trade and investment after the challenges posed by the COVID-19 pandemic and geopolitical tensions.

Modi stressed the importance of creating resilient and inclusive global value chains that can endure future shocks. He mentioned India's proposal to establish a Generic Framework for Mapping Global Value Chains, aiming to identify vulnerabilities, mitigate risks, and enhance resilience.

Drawing attention to Micro, Small, and Medium Enterprises (MSMEs), which contribute significantly to employment and global GDP (accounting for 60-70% of employment and 50% of global GDP), the Prime Minister emphasized their role in societal empowerment. He highlighted the government's commitment to supporting these enterprises and underlined India's prioritization of their participation in global trade and value chains during its G20 presidency.

Modi discussed the 'Jaipur Initiative,' designed to provide better access to market and business information for MSMEs, addressing their challenges in this regard. He expressed confidence that upgrading the Global Trade Help Desk would increase MSMEs' engagement in global trade.

The Prime Minister pointed out that the growth of global cross-border e-commerce presents challenges for both smaller players and consumers. He stressed the need for balanced competition between large and small sellers and for resolving issues related to fair price determination and complaint resolution mechanisms for consumers. He also highlighted the potential of digitization in improving market access and e-commerce.

Modi appreciated the work being done on 'High Level Principles for the Digitalization of Trade Documents,' believing these principles could aid countries in implementing cross-border electronic trade measures and reducing compliance burdens.

In conclusion, Prime Minister Modi expressed confidence that the collaborative efforts of the G20 nations would lead to a more inclusive and representative global trading system, signaling the conclusion of his address to Trade Ministers at the G20 summit. The ministers are expected to formulate a communique during their two-day meeting.