Posted On September 5, 2016 By In Business And 407 Views

Modi tells G20: Eliminate safe havens for economic offenders

HANGZHOU: Prime Minister Narendra Modi today asked G20 leaders to act to eliminate safe havens for economic offenders, unconditionally extradite money launderers and end excessive banking secrecy, asserting that fighting corruption and blackmoney was central to effective financial governance.

In his intervention on the second day of the G20 Summit in this east Chinese city, Modi said fighting corruption, blackmoney and tax evasion were central to effective financial governance.

To achieve that, he said, “we need to act to eliminiate safe havens for economic offenders, track down and unconditionally extradite money launderers and break down the web of complex international regulations and excessive banking secrecy that hide the corrupt and their deeds”.

The prime minister said a stable global economic and financial system is imperative for growth as it promotes inclusive and sustainable growth.

He called for further strengthening of the global financial safety net.

“We need a regular dialogue between the IMF, Regional Financial Arrangements and Bilateral Swap Arrangements. Important mechanisms like financial stability board should stick to their core mandate,” External Affairs Ministry spokesperson Vikas Swarup quoted the Prime Minister as saying in a series of tweets.

“IMF should remain a quota-based institution and not depend on borrowed resources,” Modi said emphasing that the “long-delayed 15th General Review of Quotas must be completed by 2017 Annual Meetings.”

Modi also said India needs energy to support its development. A “balanced mix of nuclear, renewal energy and fossil fuels are at the core of our policy.”

G20 member-states represent 85 per cent of the world’s GDP. Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey, the UK, the US and the European Union make the G20.

Later in the day, Modi made another intervention at the summit on ‘Robust International Trade and Investment’, where 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 global trading architecture should underpin collective efforts”.

Modi urged G20 member-states to fully implement the Bali and Nairobi Ministerial decisions to facilitate trade.

The Nairobi Decision builds on the earlier 2013 Bali Ministerial Decision on preferential rules. It include Ministerial Decisions on agriculture covering a Special Safeguard Mechanism for developing countries (to counter import surges of farm items).

“Global trading regime must respond to needs & priorities of developing nations. Global value chains must provide them level playing field… India’s priority is to work towards Trade Facilitation Agreement for Services,” Modi said.

 

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