INDIA AND G-20 – INTERNATIONAL

INDIA AND G-20 – INTERNATIONAL

News: Analysing where India stands in the G20 | Data

What's in the news?

●       On September 9 and 10, India hosted the 18th G20 Summit in New Delhi, focusing on the theme ‘One Earth, One Family, One Future.’ Food security, climate change, energy, development, healthcare, and digitalisation were deliberated upon at the global forum, formed to discuss economic and financial matters.

Key takeaways:

●       The summit wrapped up successfully as India transferred the G20 Presidency to Brazil. This analysis evaluates India’s performance in recent decades across various socioeconomic metrics in comparison to its fellow G20 members.

●       The G20 is made up of India, Australia, China, Indonesia, Japan, South Korea, France, Germany, Italy, Russia, Turkey, the United Kingdom, the European Union (EU), Argentina, Brazil, Mexico, Canada, the United States, South Africa, and Saudi Arabia.

G-20 and New Delhi Declaration:

War in Ukraine:

1. Peaceful Resolution: The G20 countries emphasize the importance of peace and call on all states to uphold the principles of international law, including territorial integrity and sovereignty.
2. Humanitarian Concerns: The declaration expresses deep concern about the human suffering and adverse impacts of wars and conflicts worldwide, specifically addressing the war in Ukraine.
3. UN Charter Principles: It emphasizes that all states must act in accordance with the Purposes and Principles of the UN Charter, refraining from the threat or use of force to seek territorial acquisition. It creates consensus among the western countries and Russia & China. Unlike the Bali declaration which was condemned by Russia, the New Delhi declaration was accepted and hailed by Russia.
4. Nuclear Disarmament: The use or threat of use of nuclear weapons is deemed inadmissible.

Countering Terrorism and Money Laundering:

1. Condemnation of Terrorism: The G20 condemns terrorism in all its forms, including those rooted in xenophobia, racism, and intolerance or carried out in the name of religion.
2. Holistic Approach: A holistic approach based on international law is advocated to effectively counter terrorism, with an emphasis on strengthening international cooperation to deny terrorist groups safe haven, freedom of operations, and financial support.
3. Illicit Trafficking: Concerns about illicit trafficking and diversion of small arms and light weapons are addressed, with an emphasis on international cooperation among states to combat these phenomena.
4. Financial Action Task Force (FATF): The G20 leaders commit to supporting the resource needs of the FATF and FATF Style Regional Bodies to combat money laundering and terrorist financing.

Economy & Climate:

1. Sustainable Growth: G20 leaders call for strong, sustainable and inclusive growth in response to the uneven recovery from the pandemic.
2. Climate Action: Trillions of dollars will be required for countries to meet their climate goals and invest in clean energy technologies.
3. Reforming Financial Institutions: Reforms of international financial institutions are urged, along with efforts to manage debt vulnerabilities in low and middle-income countries.
4. Crypto Asset Taxation: The exchange of tax-relevant information on crypto assets is set to begin by 2027.
5. Energy Transition: The declaration calls for accelerated efforts to phase down unabated coal power and eliminate inefficient fossil fuel subsidies.
6. Financial Stability: Emphasis is placed on the need for well-calibrated monetary, fiscal, financial, and structural policies to promote growth, reduce inequalities and maintain macroeconomic and financial stability.

Global Growth:

1. Policy Coordination: The G20 leaders reiterate the need for well-calibrated monetary, fiscal, financial and structural policies to promote growth, reduce inequalities and maintain macroeconomic and financial stability.
2. Central Banks Commitment: They also stress that central banks remain committed to achieving price stability in line with their respective mandates.
3. Financial Stability Board (FSB): Initiatives by the FSB, Standard Setting Bodies (SSBs) and jurisdictions to examine lessons from recent banking turbulence are welcomed.

Multilateral Development Banks

1. Enhancing MDBs: G20 leaders emphasize the importance of delivering better, bigger, and more effective multilateral development banks (MDBs).
2. Leveraging Private Capital: Financial institutions are encouraged to leverage private capital through innovative financing models and partnerships for maximum development impact.
3. Capital Adequacy Frameworks (CAFs): The roadmap for implementing the recommendations of the G20 Independent Review of MDBs CAFs is endorsed.

Cross-border Payments:

1. Payment Improvements: The G20 reaffirms its commitment to achieving global targets for faster, cheaper and more transparent cross-border payments by 2027.
2. CBDC Discussion: Discussions on the potential macro-financial implications of Central Bank Digital Currencies (CBDCs) are welcomed, especially concerning cross-border payments and the international monetary and financial system.

 Education

1. Digital Education: The G20 recognizes the importance of investing in human capital development and supporting digital technologies to bridge educational divides.
2. Scientific Collaboration: The promotion of open, equitable and secure scientific collaboration and mobility of students, scholars, researchers, and scientists is encouraged.
3. Inclusive Education: Emphasis is placed on inclusive, equitable, high-quality education and skills training, with foundational learning as a primary building block.

Agriculture

1. Trade Facilitation: Rising commodity prices contributing to cost of living pressures are addressed.
2. Rules-Based Trade: The G20 leaders commit to facilitating open, fair, predictable, and rules-based trade in agriculture, food, and fertilizers, in line with relevant WTO rules.
3. Food Security: Support for developing countries’ efforts to address food security challenges is emphasized, aligning with the G20 Deccan High-Level Principles on Food Security and Nutrition 2023

Religion

1. Religious Tolerance: The G20 strongly condemns acts of religious hatred against individuals, religious symbols, and holy books.
2. Cultural Diversity: Emphasis is placed on promoting respect for religious and cultural diversity, dialogue, and tolerance.
3. Rights Interdependence: The interdependence of freedom of religion or belief, freedom of opinion or expression, peaceful assembly and freedom of association is recognized as a means to combat intolerance and discrimination based on religion or belief.

Corruption

1. Zero Tolerance: The G20 reaffirms its commitment to zero tolerance for corruption.
2. International Cooperation: Strengthening international cooperation and information sharing for combating corruption is urged.
3. Asset Recovery: The joint Declaration also called for strengthening asset recovery mechanisms for combating corruption.

In essence, the New Delhi Declaration serves as a testament to the collaborative efforts of G20 member countries in addressing global challenges and striving for a more prosperous, peaceful, and sustainable world.