PM Narendra Modi for Bali trade pact, warns against raft of regional deals

ANTALYA: Prime Minister Narendra Modi on Monday called for full implementation of all the elements of the Bali trade package and warned against fragmentation of the global trading system through regional trade agreements.

“It is absolutely vital that the Doha Development Round achieves its goals. We look forward to a successful outcome at the Nairobi meeting in December,” Modi said in his remarks at the G20 leaders’ session on trade and energy.

“Slowdown in global trade is a major concern. Prospects for increase in trade momentum remain bleak in the prevailing global economic environment. Efforts to accelerate global economic growth will help trade,” he said.

Modi called for a transparent, equitable, non-discriminatory and rule-based global trading system which he said was essential for the global economy. The statement was seen as an endorsement for the World Trade Organization which is fighting a battle for survival given a spate of regional trade agreements led by the US.

The PM said balanced and sustained global economic growth also needed increase in labour mobility and skill portability.

He said with respect to energy, there were three basic challenges: energy to power growth in developing countries, meeting the needs of the hundreds of millions without access to energy, and, increasing the use of clean and renewable energy.

“That is why India intends to meet its vast and growing energy needs in as sustainable a manner as possible,” the PM said, detailing the government’s move to target additional 175 GW of renewable energy by 2022, cut back on subsidies on fossil fuel and imposed carbon cess on coal.

“We are working on clean coal technology. We have an ambitious expansion plan for nuclear energy. By 2030, we have targeted 40% of our energy through non-fossil fuel. International support and cooperation will enable us to achieve our goals,” he said.

Modi said the G20 needs to promote research and development in clean and renewable energy, reduce cost and make it affordable and accessible for all.

It should also increase financial support and technology transfer to increase access and transition to clean energy and focus research efforts on clean coal technology and coal gasification, he said.