G20 Summit in Japan: Narendra Modi puts forward five-point approach to tackle global challenges like unilateralism, protectionism

Osaka: Prime Minister Narendra Modi on Friday put forward a five-point approach to address common challenges facing the world, including protectionism and unilateralism at global financial organisations like the World Trade Organization (WTO) and spoke about terrorism during the G20 summit in Japan. [caption id=“attachment_6893381” align=“alignleft” width=“380”]  Prime Minister Modi in Japan for G20 Summit. Twitter/@MEAIndia[/caption] Speaking at the informal BRICS leaders’ meeting in Osaka, Modi said that there was an immediate need to strengthen the WTO, fighting protectionism, ensuring energy security and work together to fight terrorism. “Today I will focus on three major challenges. First, the recession and uncertainty in the world economy. Unilateral decisions and rivalries are overshadowing rule-based multilateral international trade systems,” Modi said. “On the other hand, the lack of resources is reflected in the fact that there is a shortage of an estimated 1.3 trillion dollars in investment for emerging market economies,” he added. Modi stated that making development and progress inclusive and sustainable is the second major challenge. “Rapidly changing technologies such as digitisation and climate change are concerns not just for us, but also for future generations. Development is in the right direction when it reduces inequality and contributes to empowerment,” the prime minister said. Modi stated that terror is the biggest threat to all humanity. “It not only takes the lives of innocent people but also has a negative effect on economic progress and social stability,” Modi said. “There is a need to stop all the mediums of support to terrorism and racism,” he added. Talking about his five-point approach to tackle these challenges, Modi said the ill effects of unilateral decisions can be addressed to an extent by the coordination between the BRICS countries. “We need to emphasise on the necessary reforms in international financial and business institutions and organisations for improving multilateralism,” the prime minister said. Energy resources like oil and gas should be available at low prices regularly for continuous economic development, Modi said. For sustainable and inclusive development, the New Development Bank should give priority to the investment in the physical and social infrastructure and renewable energy programmes of member countries. The New Development Bank is a multilateral development bank established by the BRICS states: Brazil, Russia, India, China, and South Africa. India’s initiative for Coalition for Disaster Resilient Infrastructure will help in the development of appropriate infrastructure in developed and developing countries to face natural calamities, Modi said. “I invite you to join this coalition. The movement of skilled workers around the world should be made easy. This will also benefit the countries where a large part of the population has crossed the working age,” Modi said. For fighting terrorism, the prime minister called for organising a global conference on terrorism. “I have recently called for organising a Global Conference on Terrorism. Lack of necessary consent to fight against terrorism can not keep us inactive,” he said.