On the second day of the 11th G20 Summit in Hangzhou, Prime Minister Narendra Modi addressed the issue of effective Global Economy and Finance Governance with the G20 leaders.

“We need a regular dialogue between the IMF, Regional Financial Arrangements and Bilateral Swap Arrangements,” said Narendra Modi.

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“Fighting corruption, black money and tax evasion is central to effective financial governance,” he said while addressing the G20 leaders.

“We need to act to eliminiate safe havens for economic offenders,” he added.

Modi also called for the breaking down of the web of complex international regulations and excessive banking secrecy.

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He professed India’s support for BEPS recommendations and calls on countries to commit to the timeline of 2017-2018 in Hangzhou,
China.

Chinese President Xi Jinping praised PM Modi’s leadership of the Indian economy especially his energy policy, in his remarks on Monday

Global trade is at a cross roads: PM Modi on Robust International trade and Investment session in Hangzhou, China

— ANI (@ANI_news) September 5, 2016

Vision of transparent, equitable, nondiscriminatory, open, inclusive & rule based global trading arch. should underpin collective efforts-PM

— ANI (@ANI_news) September 5, 2016

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

— ANI (@ANI_news) September 5, 2016

Global trading regime must respond to needs/priorities of developing nations. Global value chains must provide them level playing field: PM

— ANI (@ANI_news) September 5, 2016

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

— ANI (@ANI_news) September 5, 2016

G20 needs to act to stimulate investment flows. Transformed & liberalised investment regime has put India among top host nations for FDI: PM

— ANI (@ANI_news) September 5, 2016

Global investment principles shouldn’t be prescriptive.Countries need policy space depending on national circumstances & dev. focus: PM

— ANI (@ANI_news) September 5, 2016