PM-2NDLD G20 2LAST

The Prime Minister said global trading regime must respond The Prime Minister said global trading regime must respondto needs and priorities of developing nations. "Global valuechains must provide them level-playing field." On climate change, he said that though the Paris Agreementshowed the way forward, "focus shouldn’t just be on earlyratification, but full success." "Many global issues may not seem economic but, carrysignificant economic cost," he said. The prime minister said "(we) have to safeguard climatejustice. (It) requires affordable financing and environmentalsound technology for developing countries." Later in the day, NITI Aayog chief Arvind Panagariya toldreporters that G20 has welcomed countries who have ratified orplan to ratify the Paris agreement. "We were not quite ready yet in terms of domestic actionsthat require for us to ratify or at least commit to ratifyParis Deal-2016. We plan to do it as soon as possible butcan’t commit," Panagariya said, explaining India’s stand onthe climate deal. He said that during summit there happened a discussion onenergy – that included discussion on fossil fuel subsidy. Earlier, Modi said India’s priority was to work towards aTrade Facilitation Agreement for services and a "transformedand liberalised" investment regime has put India among tophost nations for Foreign Direct Investments (FDI). "Knowledge and innovation-driven economy requires freemobility," he said. At another intervention on ‘Robust International Trade andInvestment’, he said the "global trade is at a cross roads". He said the vision of a "transparent, equitable,non-discriminatory, open, inclusive and rule-based globaltrading architecture should underpin collective efforts". Modi urged G20 members to fully implement the Bali andNairobi Ministerial decisions to facilitate trade. The Nairobi Decision builds on the earlier 2013 BaliMinisterial Decision on preferential rules. It includesMinisterial Decisions on agriculture covering a SpecialSafeguard Mechanism for developing countries (to counterimport surges of farm items). "Global trading regime must respond to needs andpriorities of developing nations," Modi said. He closed his second intervention of the day saying globalinvestment principles shouldn’t be prescriptive. "Countriesneed policy space depending on national circumstances anddevelopment focus." PTI ABH AKJABH