Evian-Les-Bains (France): Prime Minister Narendra Modi on Wednesday pitched for setting up a global framework to boost cooperation on connectivity and trade by combining the strengths of the G7 nations, India and the Global South countries.
The prime minister floated the proposal to set up the International Mobilisation Partnership for Accelerating Connectivity and Trade (IMPACT) while speaking at an outreach session of the G7 summit in this French commune.
Modi said the new framework can be modelled on the ambitious IMEC or India-Middle East-Europe Economic Corridor.
“Like the vision of IMEC, can we work on connectivity projects with countries in Africa, Latin America and the Pacific Islands?” he asked.
“By combining G7 capital, India’s talent and the ownership of Global South countries, we may also consider establishing an International Mobilisation Partnership for Accelerating Connectivity and Trade (IMPACT),” Modi said.
The prime minister was speaking on the session titled ‘Reviving a Balanced, Shared and Sustainable Economic Growth for All.’
“It is good that the French G7 Presidency has given importance to this topic. The reality today is — when it comes to growth, the question should not be about GDP or trade numbers. The real question is – Growth for whom, with whom and in what direction?”
The IMEC initiative was firmed up on the sidelines of the G20 Summit in Delhi in 2023.
Billed as a pathbreaking initiative, it envisages a vast road, railroad and shipping networks among Saudi Arabia, India, the United States and Europe with an aim to ensure integration among Asia, the Middle East and the West.
The project has not taken off yet in view of the crisis in the Middle East.
In his remarks, the prime minister also elaborated on the strengths of the Global South nations.
“Today, many societies are becoming ageing societies while India and other countries of the Global South have abundance of young talent, entrepreneurship and skills,” he said.
“To harness this natural complementarity, called for the creation of a Global Skills Partnership, where we can work together on skill mapping and promoting trusted skilled mobility,” he noted.
Modi travelled to France for the G7 summit as India was invited as a guest country to the gathering.
The Group of 7 (G7) brings together seven of the world’s most advanced economies: Canada, France, Germany, Italy, Japan, the United Kingdom and the United States. The European Union is also a member of the bloc.
The G7 serves as the forum of choice for its members to discuss and coordinate action in response to major economic, financial and geopolitical challenges on the global stage.
PM Modi arrived in Evian-les-Bains after concluding his two-day trip to Slovakia.
