G20 Summit, China, Sep 5: Indian Prime Minister Modi begins the Second day of G20 summit in Hangzhou, China. With the quote of “More Effective & Efficient Global Eco & Fin. Governance.”

G20 Summit in China Narendra Modi begins Day 2

G20 Summit in China Narendra Modi begins Second Day

Vikas Swarup ‏@MEAIndia: On day 2, discussions move on to “More Effective & Efficient Global Eco & Fin. Governance”.PM begins intervention.

Why a stable global economic and financial system is imperative for growth.

PM emphasises:Long-delayed 15th General Review of Quotas must be completed by 2017 Annual Meetings. We need a regular dialogue between the IMF, Regional Financial Arrangements and Bilateral Swap Arrangements.

Fighting corruption,black money & tax evasion central to effective financial governance.

PM professes India’s support for BEPS recommendations and calls on countries to commit to the timeline of 2017-2018.

G20’s efforts shud b for zero tolerance fr corrp’n &black money;zero admin,policy &treaty loopholes;zero barriers &full cmtmnt to action.

Modi ends with “Need energy to support dev needs. Bal’cd mix of nuclear,RE & fossil fuels at core f our policy. Thanks for unreserved support to ISA.”

Session 3

Robust International trade and Investment. PM begins intervention: “Global trade is at cross roads”

The vision of transparent,equitable,non-discriminatory, open, inclusive & rule-based global trading arch. should underpin collective efforts.

Trade facilitation is important. I urge countries to fully implement the Bali and Nairobi Ministerial decisions.

The global trading regime must respond to needs & priorities of developing nations. Global value chains must provide them level playing field.

Knowledge & innov’n driven economy requires free mobility.India’s priority is to work towards Trade Facilitation Agreement for Services.

G20 needs to act to stimulate investment flows. Transformed & 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 &dev. focus

PM Narendra Modi also met Indian Students at Hangzhou, China. Those who all volunteering as interpreters at the G20 Summit.