Sakshi Education
According to Indian Prime Minister Narendra Modi, all elements of the WTO's Bali pact should be fully implemented for realizing a transparent and non-discriminatory global trading system.
In his intervention at the G-20 working lunch on 'Trade and Energy', Modi said the global trade slowdown was a major concern and prospects for rise in trade momentum remain bleak. Stating that efforts to accelerate global economic growth will help trade, he said a transparent, equitable, non-discriminatory and rule-based global trading system is essential for the world economy.
In the last meeting at Bali in Indonesia, the WTO members agreed on the trade facilitation pact and food grain stockpile for food security purposes. As regards regional trade agreements, PM Modi noted that, such pacts "should not fragment the global trading system.
On energy sector, Modi said, the grouping of world's biggest economies (G-20) should increase research and development in clean and renewable energy and reduce cost to make it affordable and accessible for all. The World Trade Organisation's (WTO) 10th ministerial meeting is scheduled from December 15 to 18 at Nairobi in Kenya.
Affirm for inclusive growth: Leaders of the G20 nations have expressed their firm resolve to ensure that growth is robust and inclusive, and it delivers more and better quality jobs. At the end of the two-day summit on 16th November at Antalya in Turkey, the leaders’ communique stated that current global economic growth is uneven and continues to fall short of expectations, despite positive outlooks in some major economies.
The Antalya communique of the G20 warns that risks and uncertainties in financial markets remain, and geopolitical challenges are increasingly becoming a global concern. Sluggish demand is another challenge, it points out. It has been resolved that the monetary authorities of the member nations will continue to ensure price stability and support economic activity.
The G20 has also decided that the composition of the budget expenditures and revenues should be in such a way to support productivity, inclusiveness and growth while being committed to promote global re-balancing.
It talks of a global safety net to promote financial stability against the background of risks arising from large and volatile capital flows. Opposing protectionism, the communique reaffirms its commitment to lift collective G20 GDP by an additional 2 percent by 2018 as announced in Brisbane last year. A separate document on terrorism condemns extremist forces in unequivocal terms.
India urges guidelines on climate change: India has urged the world leaders that any action on Climate Change should be within the context of the United Nations Framework Convention on Climate Change.
India’s Sherpa for the G20 and Vice-Chairman of NITI Ayog Arvind Panagariya expressed confidence that in the forthcoming “Conference of Parties” CoP-21 meet at Paris by the end of this month would come out with a widely recognizable outcome.
On the question of fossil fuel cuts, he said though the Union Government is taking moves in that direction on its part, complete phase out of fossil subsidies cannot be acceptable as states have the powers to subsidize electricity for farming and fertilizer subsidy cannot be done away with. In the G-20 summit, India strongly advocated implementation of the Bali Package and ratification of trade facilitation agreement, for improvements on trade front, he informed.
India made a strong push for reduction of remittance charges which has come down to 7.5 percent on an average from the earlier 10 percent, but still is on a higher side. Mr Panagariya said India is favouring a rate as small as 3 percent. India is the world’s highest recipient of remittances from abroad through Indians working there.
A broad acceptance on controlling the problem of “Base Erosion and Profit Shifting” which in effect means corporates transferring the profits earned in one country to other tax havens to avoid taxes where the profit has been earned. The NITI Ayog Vice Chairman said the controlling mechanism is now moving towards implementation phase.
G20 vows to step up anti-terror coordination: The agreement, Mr. Obama said after the release of the G20 communique at the close of two days of talks, will allow U.S. personnel to pass threat information including on IS to French partners even more quickly and more often, “because we need to be doing everything we can to protect ourselves against more attacks.” The statement, the first-ever political communique, condemned the “heinous” attacks in Paris and pledged solidarity in combating terrorism.
It also expressed concern over the acute and growing flow of foreign terrorist fighters and the threat it poses for all states, including countries of origin, transit and destination. To tackle the phenomenon, the G20 leaders resolved to develop measures for operational information-sharing and border management. They also pledged to cooperate on preventive measures and appropriate criminal justice response.
In the last meeting at Bali in Indonesia, the WTO members agreed on the trade facilitation pact and food grain stockpile for food security purposes. As regards regional trade agreements, PM Modi noted that, such pacts "should not fragment the global trading system.
On energy sector, Modi said, the grouping of world's biggest economies (G-20) should increase research and development in clean and renewable energy and reduce cost to make it affordable and accessible for all. The World Trade Organisation's (WTO) 10th ministerial meeting is scheduled from December 15 to 18 at Nairobi in Kenya.
Affirm for inclusive growth: Leaders of the G20 nations have expressed their firm resolve to ensure that growth is robust and inclusive, and it delivers more and better quality jobs. At the end of the two-day summit on 16th November at Antalya in Turkey, the leaders’ communique stated that current global economic growth is uneven and continues to fall short of expectations, despite positive outlooks in some major economies.
The Antalya communique of the G20 warns that risks and uncertainties in financial markets remain, and geopolitical challenges are increasingly becoming a global concern. Sluggish demand is another challenge, it points out. It has been resolved that the monetary authorities of the member nations will continue to ensure price stability and support economic activity.
The G20 has also decided that the composition of the budget expenditures and revenues should be in such a way to support productivity, inclusiveness and growth while being committed to promote global re-balancing.
It talks of a global safety net to promote financial stability against the background of risks arising from large and volatile capital flows. Opposing protectionism, the communique reaffirms its commitment to lift collective G20 GDP by an additional 2 percent by 2018 as announced in Brisbane last year. A separate document on terrorism condemns extremist forces in unequivocal terms.
India urges guidelines on climate change: India has urged the world leaders that any action on Climate Change should be within the context of the United Nations Framework Convention on Climate Change.
India’s Sherpa for the G20 and Vice-Chairman of NITI Ayog Arvind Panagariya expressed confidence that in the forthcoming “Conference of Parties” CoP-21 meet at Paris by the end of this month would come out with a widely recognizable outcome.
On the question of fossil fuel cuts, he said though the Union Government is taking moves in that direction on its part, complete phase out of fossil subsidies cannot be acceptable as states have the powers to subsidize electricity for farming and fertilizer subsidy cannot be done away with. In the G-20 summit, India strongly advocated implementation of the Bali Package and ratification of trade facilitation agreement, for improvements on trade front, he informed.
India made a strong push for reduction of remittance charges which has come down to 7.5 percent on an average from the earlier 10 percent, but still is on a higher side. Mr Panagariya said India is favouring a rate as small as 3 percent. India is the world’s highest recipient of remittances from abroad through Indians working there.
A broad acceptance on controlling the problem of “Base Erosion and Profit Shifting” which in effect means corporates transferring the profits earned in one country to other tax havens to avoid taxes where the profit has been earned. The NITI Ayog Vice Chairman said the controlling mechanism is now moving towards implementation phase.
G20 vows to step up anti-terror coordination: The agreement, Mr. Obama said after the release of the G20 communique at the close of two days of talks, will allow U.S. personnel to pass threat information including on IS to French partners even more quickly and more often, “because we need to be doing everything we can to protect ourselves against more attacks.” The statement, the first-ever political communique, condemned the “heinous” attacks in Paris and pledged solidarity in combating terrorism.
It also expressed concern over the acute and growing flow of foreign terrorist fighters and the threat it poses for all states, including countries of origin, transit and destination. To tackle the phenomenon, the G20 leaders resolved to develop measures for operational information-sharing and border management. They also pledged to cooperate on preventive measures and appropriate criminal justice response.
Published date : 17 Nov 2015 12:52PM
