At G20, Modi says trade war can do collateral damage to emerging economies

Day 2 of the G20 summit came to an end Saturday with Indian Prime Minister Narendra Modi focusing on the issue of terror and highlighting how trade wars can be detrimental to global economies.

Briefing the media, India's sherpa at the G20, Shaktikanta Das, said, "The PM highlighted escalating trade tension and the collateral damage it can do to emerging economies."

The big focus at this year's G20 has been the trade war between the world's two biggest economies, the US and China.

The focus was also on reforms at the WTO and the PM called on the "need to have proactive and reformed multilateralism at the global level."

Even the BRICS statement, issued after the informal meet on the sidelines of G20, mentioned WTO and called on "all members to oppose such WTO inconsistent measures, stand by their commitments undertaken in the WTO and rollback such measures of a discriminatory and restrictive nature."

Terror remained a key focus by the PM. He called on the need to "implement the 11-point action plan against terrorism which was issued as a stand-alone statement in last year's G20 summit (in Hamburg)." 

Sherpa replying to WION's question on terror said, "the PM raised the issue of terror and the way it undermines human life and also economies and society. The PM emphasised that the Hamburg declaration should be implemented by all countries. "

PM Modi also a gave a 9-point agenda on fugitive economic offenders which suggested that FATF or Financial Action Task Force should come out with a common definition on who is a "fugitive economic offenders."