Narendra Modi calls for global efforts to check black money menace

Antalya: Seeking global cooperation to fight black money menace, Prime Minister Narendra Modi on Sunday asked G20 nations to freeze and repatriate unaccounted money hoarded abroad.

He also sought immediate implementation of IMF quota reforms to give the emerging markets such as India a greater say and called for steps to strengthen the rule-based global trading system while ensuring that new trading blocks do not divide global trade regime.

Speaking at the meeting of leaders of the BRICS nations on the margins of the G20 Summit, Modi also called for an early operation of the new multilateral bank that BRICS nations have created to rival the World Bank.

"The G20 should focus on implementation of the decisions to restructure global economic institutions and greater collaboration between multilateral and regional financial institutions," he said.

Plans agreed in 2010 to give emerging markets more voting power and double the IMF's resources have been delayed as the US Congress has not approved the change.

"G20 should also enhance long term finance for infrastructure in developing countries as well as develop next generation, climate resilient infrastructure. This would also include converting waste into inputs for infrastructure," Modi said.

He further said the grouping of world's top 20 economies should work to lower the cost of global remittances well before 2030 as also coordinate closely "on preventing corruption and cooperation on freezing of unaccounted money hoarded abroad and its repatriation."

G20 must place priority on effective implementation of Sustainable Development Agenda 2030 and ensure adequate funding for it.

In the area of trade, G20 must focus on "strengthening the rule-based global trading system and ensuring that new trading blocs do not lead to division of the global trade regime, speed up the completion of the Doha Development Agenda and promote greater mobility of skilled professionals and creating a global skill force market." Modi said the strategy for the BRICS Economic Cooperation, endorsed during the Ufa Summit, is an important framework document and the Contact Group on Trade and Economic Issues and Business Council should prepare a Work Plan for implementation of the Strategy in a time-bound manner.

"Each BRICS member country (Brazil, Russia, India, China and South Africa) should take the lead in at least two priority areas listed in the Strategy," he added.

The first joint meeting may also work on a Roadmap for Trade, Economic and Investment Cooperation till 2020. "We hope that the New Development Bank will start its operations quickly," he said adding the first project to the financed by the Bank should be on clean energy, preferably across all BRICS countries.

"We need to create a supporting mechanism, such as a New Development Bank Institute or NDBI, which should function as bank of ideas, a storehouse of experience and a knowledge powerhouse. It can also provide inputs for the Contingency Reserve Arrangements," he said adding India will continue to work closely with BRICS partners in the spirit of mutual trust, respect and transparency.

The Prime Minister also sought support to the India-proposed international solar alliance. At the Ufa Summit, Modi had talked about joint trade fairs, agriculture research, railway research, digital initiative, energy efficient technologies, cooperation between states, cities and local bodies and promotion of films and sports exchange.

"We will be building upon them and putting more new ideas on the BRICS agenda," he said.

"We will work with you to further strengthen the institutional mechanisms of BRICS," he added.