EVIAN-LES-BAINS (FRANCE), JUN 17 (PTI): Prime Minister Narendra Modi on Wednesday proposed a framework to boost connectivity and trade by combining the strengths of the G7 nations, India and the Global South even as he flagged concerns over long-lasting consequences of West Asia crisis on developing countries.
The prime minister floated the proposal for setting up International Mobilisation Partnership for Accelerating Connectivity and Trade (IMPACT) while speaking at an outreach session of G7 summit in this French commune.
Modi emphasised that modern economic growth cannot be measured solely by trade volume or GDP numbers and that true value of progress lies in its direction, and who ultimately benefits from it.
The impact of West Asian crisis on fuel, fertiliser, and food supply chains will have long-lasting consequences for the Global South, Modi said, adding the most vulnerable countries should not bear the burden of geopolitical crises.
“If we truly want to strengthen international solidarity, the most vulnerable countries should not bear the burden of these crises alone,” he said.
The prime minister said the new framework to help the Global South can be modelled on the ambitious IMEC or India-Middle East-Europe Economic Corridor initiative. Combining the capital of G7, India’s talent, and the ownership of countries in the Global South, we could consider creating the IMPACT, he said.
Modi said India’s experience showed that shared development can be transformed from an aspiration into a reality.
The prime minister said the IMEC corridor connecting Asia, the Middle East, and Europe will accelerate trade, strengthen supply chains, and create new opportunities for investment, employment, and innovation.
In his remarks, the prime minister also elaborated on the strengths of the Global South nations.
Modi travelled to France for the G7 summit as India was invited as a guest country to the gathering.
