G20-DELHI
The G20, or the Group of Twenty, is an intergovernmental organisation comprising 19 countries and the European Union (EU). Established in 1999 in response to global economic crises, the G20 has since been pivotal in addressing major global economic issues. It comprises finance ministries from some of the world's largest economies, representing about 80 percent of the global GDP, 75 percent of international trade, and two-thirds of the world's population.
The 18th G20 Summit in New Delhi will be a culmination of all the G20 processes and meetings held throughout the year among ministers, senior officials, and civil societies. A G20 Leaders’ Declaration will be adopted at the conclusion of the G20 Summit, stating Leaders’ commitment towards the priorities discussed and agreed upon during the respective ministerial and working group meetings.
India has also requested the attendance of the regular International Organisations like:
- The UN (United Nations),
- IMF (International Monetary Fund),
- WB (World Bank Group),
- WHO (World Health Organisation),
- WTO (World Trade Organisation),
- ILO (International Labor Organisation),
- FSB (Financial Stability Board), and
- OECD (The Organisation for Economic Cooperation and Development)
What’s the agenda of the G20 2023 Summit? Let’s find out.
G20 has expanded on topics from economics and finance, including climate change, sustainable energy, debt relief, and multinational corporation taxation. For the G20 2023 Summit, the discussions would revolve around:
- Increasing loans to developing nations from multilateral institutions.
- Reforming international debt structures.
- Regulating cryptocurrencies.
- Addressing the impact of geopolitical uncertainties on food and energy security.
In an interview on 26 August 2023, Prime Minister Modi expressed optimism about the G20 countries' evolving agenda under India's presidency, shifting toward a human-centric development approach that aligns with the concerns of the Global South, including addressing climate change, debt restructuring through the G20's Common Framework for Debt, and a strategy for regulation of global cryptocurrencies.
Outcomes
Launch of the Global Biofuels Alliance at G20 New Delhi 2023
- The African Union joined the G20 as a permanent member.
- A new organisation called the Global Biofuel Alliance (GBA) was launched, to promote the development and adoption of sustainable biofuels, and set relevant standards and certification.
- The New Delhi Leaders Declaration was adopted with consensus.
- A group of countries made a joint agreement to build a rail and shipping corridor linking India with the Middle East and Europe called the India-Middle East-Europe Economic Corridor. The group comprises India, Saudi Arabia, the United Arab Emirates, Jordan, Israel and the European Union.
- The 2023 summit in contrast to the previous year significantly resulted in no mention of the Russo-Ukrainian War in the final document.
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