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Written by 7:44 pm Manufacturing Sector News

India pledges US$ 3.5 million to help developing nations with trade

India has pledged US$ 3.5 million to assist developing countries in enhancing trade and building capacity as part of its strategy to emerge as a leader among Global South nations. Prime Minister Mr. Narendra Modi announced this commitment during the third Voice of Global South summit, emphasizing the need for a comprehensive Global Developmental Compact tailored to local priorities. He described the initiatives as “human-centric” and “multi-dimensional,” focusing on technology sharing and providing concessional financing for projects. However, specific projects and funding mechanisms were not detailed.

He highlighted that this initiative aims to help developing nations avoid falling into debt traps by increasing their capacity to negotiate better trade deals and promote trade effectively. The concerns raised during the summit, which included representatives from around 18 countries such as Bangladesh, Ethiopia, Oman, and Chile, will be presented by India at the upcoming UN Summit of the Future in New York. Union Minister of External Affairs, Dr. S. Jaishankar, stressed the importance of collective efforts to facilitate the flow of finance and critical technology to support the Global South amidst ongoing conflicts and tensions.


Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.

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