The recent G20 Summit in New Delhi, held on September 9-10, 2023, focused on a variety of global issues, with an emphasis on matters pertinent to the Global South, including debt restructuring, reform of Multilateral Development Banks, and climate financing. In his opening remarks, Prime Minister Narendra Modi of India highlighted the need for solutions to global challenges such as terrorism, climate change, and supply chain issues, advocating for a human-centric approach. The ongoing conflict in Ukraine, although not officially listed on the agenda, was a topic of discussion among the leaders.
The summit, under India’s presidency, aimed to redirect the focus of G20 primarily towards economic issues, in line with its original purpose. Despite initial concerns about reaching consensus due to the polarizing effects of the Ukraine war, the summit concluded with the adoption of the ‘Delhi Declaration’ on the first day. The G20, initially formed to address financial and economic issues post the 2008 crisis, has evolved to include geopolitical matters. Under India’s leadership, the summit conveyed that geopolitical and security issues are not its primary focus. A major announcement at the summit was the India-Middle East-Europe Economic Corridor Partnership.
This initiative, involving countries such as the US, UAE, Saudi Arabia, and several European nations, aims to enhance connectivity and economic integration. Another significant development was the permanent inclusion of the African Union in the G20, now effectively the G21. This move is seen as a step towards addressing the reforms sought by the Global South in various multilateral institutions. Regarding environmental concerns, the ‘Green Development Pact’ was introduced, with the European Commission committing significant investments in renewable energy and hydrogen in developing economies. Additionally, the Global Biofuel Alliance was announced, promoting the use of sustainable biofuels.
In terms of financial cooperation, the G20 supported the strengthening of Multilateral Development Banks and the expansion of the World Bank’s financing capabilities. A roadmap for the regulation of cryptocurrencies was also endorsed, focusing on supervision and risk management, particularly in emerging markets. While formal agendas were addressed, significant bilateral meetings also took place on the sidelines of the summit. Notably, discussions between US President Joe Biden and Prime Minister Modi, and between Modi and Japanese PM Fumio Kishida, covered a range of topics from climate finance to digital infrastructure.
The summit, while addressing various global issues, acknowledged ongoing challenges like the Ukraine conflict, supply chain disruptions, and the need for sustainable development. The Delhi declaration refrained from condemning any nation regarding the Ukraine war, emphasizing a balanced approach. The summit’s outcomes reflected an emphasis on inclusivity and a collective approach to global challenges.
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