THE G20 SUMMIT 2023 TAKEAWAYS

The G20 Summit has definitely drawn the attention of the world to India and its leadership capabilities. It has given the country a boost in international recognition as being a country that will participate in global development in the years to come. It also showcased India as a good investment destination.

The G20 Summit 2023 is the 18th Meeting of the G20 Group in India, which is the President country of this Summit. This G20 Summit took place on 09.09.2023 and 10.09.2023, in New Delhi at the Bharat Mandapam International Exhibition-Convention Centre (IECC) located in Pragati Maidan. The theme of the G20 Summit 2023 was, “Vasudhaiva Kutumbakam” or “One Earth, One Family, One Future” is rooted in ancient Sanskrit texts and the goal of sustainable development.

By way of introduction, the G20 or Group of 20 is an intergovernmental forum comprising of (i) 19 sovereign countries, (ii) the European Union (EU), and (iii) the African Union (AU), which has joined this year as the 21st member. It consists of finance ministries of these countries and comprises 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.

At the G20 Summit, India, the priorities for the G20 Dialogue was as follows:

(1) Green Development, Climate Finance & Introduction of Mission Life.

(2) Accelerated, Inclusive & Resilient Growth.

(3) Accelerating Progress on SDGs (Sustainable Development Goals).

(4) Technological Transformation & Digital Public Infrastructure.

(5) Multilateral Institutions for the 21st Century.

(6) Women-led Development.

This Summit concluded on 10.09.2023 with the following outcomes :

1) Africa Joined the G20 Organization and became a member this year.

2) The country heads have signed the New Delhi Leaders Declaration in which Inclusive Growth was emphasised.

3) The India-Middle East-Europe-USA Corridor has been proposed and passed by the leaders of these countries.

4) The Global Biofuel Alliance has been created by the member countries which will emphasise on the maximum use of Biofuel.

New Delhi Leaders Declaration

New Delhi Leaders’ Declaration has been a key highlight in the Summit. The Hon’ble Prime Minister Narendra Modi’s efforts on human-centric globalisation was lauded. Interestingly the Preamble of the New Delhi Leaders Declaration reads as “One Earth, One Family, and We Share One Future.”

The Declaration has been framed upon the following issues :

I) Strong, Sustainable, Balanced, And Inclusive Growth.

II) Accelerating Progress on Sustainable Development Goals (SDGs)

III) Green Development Pact for a Sustainable Future

IV) Multilateral Institutions for the 21st Century

V) Technological Transformation and Digital Public Infrastructure

VI) International Taxation

VII) Gender Equality and Empowering All Women and Girls

VIII) Financial Sector Issues

IX) Countering Terrorism and Money laundering

X) Creating a More Inclusive World

Key Points from the Declaration:

(i) On the Ukraine-Russia conflict, it was asserted that “today’s era must not be of war”. The G20 Countries called on all states to uphold the principles of International Law, including territorial integrity and sovereignty and pitched for initiatives for “comprehensive, just, and durable peace in Ukraine”

(ii) On terrorism, the G20 stated, “We condemn terrorism in all its forms and manifestations, including those on the basis of xenophobia, racism and other forms of intolerance, or in the name of religion or belief, recognizing the commitment of all religions to peace. It constitutes one of the most serious threats to international peace and security.”

(iii) G20 leaders called for a strong, sustainable, and inclusive growth as an answer to the uneven recovery the world has seen from the pandemic-infused plunder, and flagged trillions of dollar that countries would need to meet their climate goals and clean energy technologies

(iv) The Declaration called for accelerating efforts to phase down unabated coal power, phase-out of inefficient fossil fuel subsidies and low-cost financing for energy transition of developing countries.

(v) G20 leaders reiterated the need for well-calibrated monetary, fiscal, financial, and structural policies to promote growth, reduce inequalities and maintain macroeconomic and financial stability.

(vii) Committed to delivering better, bigger and more effective multilateral development banks (MDBs), G20 leaders asked the financial institutions to leverage private capital through innovative financing models and new partnerships to make maximum development impact.

(viii) The G20 members reaffirmed their commitment to the effective implementation of the prioritised actions for the next phase of the G20 Roadmap for Enhancing Cross-border payments to achieve global targets for faster, cheaper, more transparent and inclusive cross-border payments by 2027 and welcomed the initiatives undertaken by SSBs (Standard Setting Bodies) and international organisations in this direction.

(ix) The G20 reaffirmed its commitment to zero tolerance for corruption and called for strengthening law enforcement-related international cooperation and information sharing for combating corruption. The joint Declaration also called for strengthening asset recovery mechanisms for combating corruption.

 

Sushila Ram Varma

Chief Legal Consultant

The Indian Lawyer

 

With

Shaurya Mani pandey

Legal Associate

The Indian Lawyer