The dignitary pointed out the importance of creating a generic framework to map global value chains in order to assess vulnerabilities, minimize risks and improve resilience.

Modi also called for a commitment to rebuilding trust in international trade and investment, stressing the need to work together to ensure fair competition between big and small sellers and to pay more attention to medium and small enterprises, given their key role in the global economy, since they cover between 60 and 70 percent of employment and contribute 50 percent of the world’s Gross Domestic Product.

The Prime Minister highlighted the results achieved by India in recent years, such as the establishment of exclusive freight corridors and the construction of industrial zones, and ratified India’s goal of becoming the world’s third-largest economy in the coming years.

He went on to stress the role of technology in India’s progress, mainly in trade. “India’s shift to single online excise tax helped create a single internal market which boosted inter-state trade and the unified logistics interface platform, makes trade logistics cheaper and more transparent,” he said.

Modi reiterated India’s commitment to an open, inclusive and rules-based multilateral trading system, with the World Trade Organization at its core.

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