The G20 Summit, hosted under India’s Presidency, brought global concerns to the fore and helped build a consensus on many aspects. Attended by Presidents and Prime Ministers of 20 countries, it set a new benchmark for world peace and the roadmap to achieve collective good for every citizen of the world.
The outcomes of the G20 Leaders’ Summit in New Delhi were ‘transformational’, which would help reshape the global order in the decades to come. The theme of ‘Vasudhaiva Kutumbakam- One Earth, One Family, One Future’ is the foundation for the future world order.
India’s Presidency of G20 was ‘inclusive, ambitious and peoplecentric, with its reach extending across all States and Union Territories of India. The New Delhi G20 Leaders’ Declaration, adopted unanimously and with consensus, acknowledges G20 members’ commitment to ‘bridging the North-South divide and overcoming the strong East-West polarisation’. The declaration recognises G20 members as one voice of peace and moderation in a divided world.
The India-Middle East- Europe Economic Corridor and the Global Biofuels Alliance during the Summit have sown the seeds for a more connected future. The launch of the India-Middle East-Europe Economic Corridor and the Global Biofuel Alliance are of utmost importance to the world, and these initiatives have laid the foundation for a connected future in which India will continue to play an important role in the future as well.
India’s Presidency had undoubtedly been instrumental in ‘bringing the voice of the Global South into the heart of the G20 discourse’. He elaborated that the African Union being accepted as a permanent member of the G20 is a critical outcome of the initiative led by Prime Minister Narendra Modi.
The focus of G20 has shifted from a mere economic-centric to a much broader human-centric approach. It is visible in the priority accorded to realising Sustainable Development Goals, establishing digital public infrastructure, promoting a Green Development Pact and encouraging women-led development, among other notable steps. During the Summit, more than 200 meetings of the G-20 were held in 60 cities across all states and union territories of the country. Attendance of more than 42 delegations from across the world, the G-20 New Delhi Leaders’ Summit was unprecedented in its size, grandeur and impact, allowing the world to witness India’s diversity, democratic strength and endowment.
The tribute paid to the Father of the Nation, Mahatma Gandhi, at Rajghat by the world’s top leadership is magnificent. The world’s biggest leaders accepting the universal idea of peace and non-violence propounded by Mahatma Gandhi and its relevance in the present times is a great success for the world. India strongly advocated the reform and change within global institutions as per the needs of the times, which is important for genuine multilateralism to emerge and ensure stability, growth and development worldwide.
The adoption of high-level principles on LiFE for building proplanet people and recognition by the developed world to substantially scale up investment and climate finance to meet climate goals. In addition, the Summit also agreed to set up new G20 Working Groups on Women and Disaster Risk Reduction and a new G20 engagement group on Start-ups. The Deccan High-Level Principles on Food Security, Gandhinagar Roadmap on Land Initiative, Goa Roadmap on Tourism, Chennai High- Level Principles on Blue and Ocean Economy and the Kashi Cultural Pathway will provide global guidance in various sectors for times to come.
The Preamble of the G-20 New Delhi Summit states, “We are One Earth, One Family, and we share One Future.”
G20 cooperation is essential in determining the course the world takes. Headwinds to global economic growth and stability persist. Years of cascading challenges and crises have reversed gains in the 2030 Agenda and its Sustainable Development Goals (SDGs). Global greenhouse gas (GHG) emissions continue to increase, with climate change, biodiversity loss, pollution, drought, land degradation and desertification threatening lives and livelihoods. Rising commodity prices, including food and energy, contribute to cost of living pressures. Global challenges like poverty and inequality, climate change, pandemics and conflicts disproportionately affect women and children, and the most vulnerable.
The leaders attending the Summit resolved to pursue development models that implement sustainable, inclusive transitions globally while leaving no one behind. They also agreed to act concretely through partnerships and empowering countries to address global challenges, is human-centric, and bring prosperity and well-being to humanity. For the Planet, People, Peace and Prosperity One of the important declarations was the deep concern highlighted by the immense human suffering and the adverse impact of wars and conflicts worldwide.
Concerning the war in Ukraine, while recalling the discussion in Bali, the G20 members reiterated their national positions and resolutions adopted at the UN Security Council and the UN General Assembly (A/RES/ ES-11/1 and A/RES/ES-11/6). They underscored that all states must act in a manner consistent with the Purposes and Principles of the UN Charter in its entirety. In line with the UN Charter, all states must refrain from the threat or use of force to seek territorial acquisition against the territorial integrity and sovereignty or political independence of any state. The use or threat of use of nuclear weapons is inadmissible.
It also reaffirmed that the G20 is the premier forum for international economic cooperation, not the platform for resolving geopolitical and security issues. Emphasising the importance of sustaining food and energy security, G20 members called for ceasing military destruction or other attacks on relevant infrastructure. They also expressed deep concern about the adverse impact of conflicts on civilians’ security, thereby exacerbating existing socioeconomic fragilities and vulnerabilities and hindering an effective humanitarian response.
The summit declaration urged all states to uphold the principles of international law, including territorial integrity and sovereignty, international humanitarian law, and the multilateral system that safeguards peace and stability. Global economic growth is below its long-run average and remains uneven. The uncertainty around the outlook remains high. With notable tightening in global financial conditions, which could worsen debt vulnerabilities, persistent inflation and geoeconomic tensions, the balance of risks remains tilted to the downside.
The New Delhi G20 declaration reiterated the need for well-calibrated monetary, fiscal, financial, and structural policies to promote growth, reduce inequalities and maintain macroeconomic and financial stability. All member states agreed to continue enhancing macro policy cooperation and supporting progress towards the 2030 Agenda for Sustainable Development. They decided to work towards achieving strong, sustainable, balanced and inclusive growth (SSBIG) and welcomed the initial steps taken by the Financial Stability Board (FSB), Standard Setting Bodies (SSBs) and certain jurisdictions to examine what lessons can be learned from this recent banking turbulence and encourage them to advance their ongoing work.
Another noteworthy agreement was that the 20 States agreed to recognise the critical role of private enterprise in accelerating growth and driving sustainable economic transformations and that start-ups and MSMEs are natural engines of growth. Establishing the Start-up 20 Engagement Group aims to unlock Trade for Growth.
The G20 member states pledged to work towards a rules-based, nondiscriminatory, fair, open, inclusive, equitable, sustainable and transparent multilateral trading system, with WTO at its core and as an engine of growth and prosperity for all. They also agreed to address skill gaps, promote decent work, and ensure inclusive social protection policies.
They also endorsed the G20 2023 Financial Inclusion Action Plan (FIAP), which provides an action-oriented and forward-looking roadmap for rapidly accelerating the financial inclusion of individuals and MSMEs, particularly vulnerable and underserved groups in the G20 countries and beyond. The G20 leaders reaffirmed their respective country’s commitment to zero tolerance for corruption. They also agreed to leverage the G20’s convening power and collective resolve to fully and effectively implement the 2030 Agenda and promptly accelerate progress toward the SDGs to shape the world we want for future generations.
The G20 declaration committed to enhancing global food security and nutrition for all in line with the G20 Deccan High-Level Principles on Food Security and Nutrition 2023. It resolved to strengthen the global health architecture, with the World Health Organization (WHO) at its core, and build more resilient, equitable, sustainable, and inclusive health systems to achieve Universal Health Coverage, implement the One Health approach, enhance pandemic preparedness and strengthen existing infectious diseases surveillance systems.
They will also support the global health architecture for pandemic prevention, preparedness and response (PPR) through enhanced collaboration between Finance and Health Ministries under the Joint Finance and Health Task Force (JFHTF). It also recognised the importance of investment in supporting human Prime Minister of India Narendra Modi capital development. It reiterated its commitment to inclusive, equitable, high-quality education and skills training for all, including for those in vulnerable situations. The G20 countries recognised Culture as a Transformative Driver of SDGs and signed a Green Development Pact for a Sustainable Future. They also discussed the macroeconomic risks stemming from climate change and transition pathways.
The members agreed to work on Mainstreaming Lifestyles for Sustainable Development (LiFE), designing a Circular Economy World and Implementing clean, sustainable, just, affordable & inclusive energy transitions for delivering on climate and sustainable finance. One of the important achievements was endorsing the multi-year G20 Technical Assistance Action Plan (TAAP) and the voluntary recommendations made to overcome data-related barriers to climate investments.
They also acknowledged the need for increased global investments to meet our climate goals of the Paris Agreement. Conserving, protecting, sustainably using and restoring ecosystems, harnessing and preserving the ocean-based economy, and ending plastic pollution were some critical aspects acknowledged and endorsed by the G20 members at the New Delhi summit.
It also endorsed the G20 Principles for Financing Cities of Tomorrow, which are voluntary and non-binding. The G20/OECD Report on Financing Cities of Tomorrow provides a financing strategy for reducing disaster risk and building resilient infrastructure.
It presents a compendium of innovative urban planning and financing models. Reinvigorating multilateralism, reforming International Financial Institutions, and strengthen MDBs to address the global challenges of the 21st century with a continued focus on addressing the development needs of low- and middle-income countries were also endorsed by the G20 member states. They also agreed to follow the Roadmap for Implementing the Recommendations of the G20Independent Review of MDBs Capital Adequacy Frameworks (CAFs) G20 members appreciated the ongoing collaboration among MDBs on the timely release of Global Emerging Markets (GEMs) data and the launch of GEMs 2.0 as a stand-alone entity by early 2024. They also appreciated the efforts taken in managing global debt vulnerabilities.
Taking into account the growing digital space in our lives, the G20 member countries acknowledged the importance of technological transformation and building digital public infrastructure, building safety, security, resilience and trust in the digital economy and Crypto-assets: Policy and regulation and the role of Central Bank digital currency in fostering digital ecosystems and International taxation.
The G20 members at the New Delhi Summit recognised that harnessing Artificial Intelligence (AI) responsibly for good and for all. Another critical area that the G20 New Delhi Summit endorsed was gender equality and empowering all women and girls, enhancing economic and social empowerment, bridging the gender digital divide, driving gender-inclusive climate action, securing women’s food security, nutrition, and well-being, and creation of a Working Group on the Empowerment of Women.
The G20 New Delhi Summit also discussed and deliberated on financial sector issues, countering terrorism and money laundering and creating a more Inclusive World. All the G20 members congratulated India on its successful landing on the moon on August 23, 2023.