Rise in tariff, non-tariff barriers impeding global trade: PM Modi

PM Modi said there was a need for reform of the international institutions for economic and political security in keeping with the ground realities. Photograph:( Reuters )

WION Web Team Davos, Switzerland Jan 23, 2018, 12.33 PM (IST)

Prime Minister Narendra Modi on Tuesday cautioned the world against growing protectionism and rise in tariff and non-tariff barriers that are impeding global trade, while pitching for India as a global destination for investment.

The prime minister, however, said that climate change, terrorism and self centrism are the biggest challenges faced by the world. 

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While addressing the plenary session of the World Economic Forum, PM Modi said there was a need for reform of the international institutions for economic and political security in keeping with the ground realities.

Modi emphasised on the reforms, including GST and demonetisation,  brought by his government in the last three years saying his government had replaced red tape with red carpet. 

"Today investing in India, travel to India, work in India, manufacture in India, production and exports from India to the rest of the world is easier than before as we have decided to eliminate the `licence-permit raj` and finish the red tape." 

The Prime Minister that said in the last three and a half years, his government has abolished 1,400 outdated laws.

He said the decision has now made foreign direct investment in the country possible in more than 90 per cent of the sectors through the automatic route. 

Modi is the first Prime Minister from India to participate in a forum meeting in two decades after H.D. Deve Gowda in 1997.

This is Modi`s second visit to Switzerland in nearly two years. He will interact with 120 members of the International Business Council, which is a part of the WEF.

Modi, in the course of his 24-hour visit to Davos, is also scheduled to hold a meeting with Sweden Prime Minister Stefan Lofven.