The group of twenty (G20) is the major forum for international economic corporation. It plays an important role in setting and strengthening global architecture and governance on all major international economic issues.
India will chair the G20 from 1 December 2022 to 30 November 2023.
➡️The G20 presidency drives the G20 agenda for a year and organizes summits. The G20 consists of two parallel tracks: the Finance Track and the Sherpa Track. The Finance Minister and the Governor of the Central Bank lead the Finance track while the Sherpa track is headed by a Sherpa.
➡️On the Sherpa side, the G20 process is coordinated by the Sherpas of member countries, who are personal representatives of the leaders. The Finance Track is led by the Finance Ministers and Central Bank Governors of the member countries. Within the two tracks, there are thematically oriented working groups in which members participate from their respective ministries as well as representatives from invited/guest countries and various international organizations (the Finance track is primarily led by the Ministry of Finance). These working groups meet regularly throughout the term of each presidency. Sherpas supervise negotiations held during the year, discuss agenda items for the summit, and coordinate the core work of the G20.
Key Outcomes of the 2023 G20 Summit Held in India
September 11, 2023
Posted by India Briefing
Written by Harshwardhan Sharma
Reading Time: 6 minutes
The 18th G20 Summit of 2023 recently concluded in New Delhi, India, marking the first-ever G20 summit hosted by the country. The summit’s theme, “Vasudhaiva Kutumbakam” or “One Earth, One Family, One Future” is rooted in ancient Sanskrit texts and the goal of sustainable development.
India was successfully able to achieve consensus around the New Delhi Declaration early on in the G20 Summit, which saw a dilution in the position taken by the U.S. and EU on Russia, besides focus on UN Sustainable Development Goals, climate action and green development initiatives, multilateral financing, digital public infrastructure, artificial intelligence (AI), and international taxation, among others.
key outcomes of G20 2023 are..
➡️prime minister Mr. Narendra Modi diplomatic coup: PM Modi views this summit as India’s diplomatic milestone, with its G20 presidency serving as a platform to amplify the Global South’s concerns. In a personal capacity, the G20 Summit’s outcomes are important for the Indian leader as he faces general elections next year.
➡️At the Summit, India was able to leverage its economic significance to garner support from all G20 member nations for a Leaders’ Declaration recognizing the conflict in Ukraine without specifying any aggressor. Modi, who chaired the Summit, also advocated for reforming global institutions like the United Nations Security Council (UNSC) to align with the changing world dynamics, which received backing from the United States.
➡️The timing of the G20 Summit was also opportune, following India’s successful moon landing under the Chandrayaan-3 program.
➡️G20 New Delhi Declaration: All 83 paragraphs of the 2023 G20 New Delhi Leaders’ Declaration were unanimously approved, achieving a remarkable 100 percent consensus, even with China and Russia in agreement. Notably, this declaration stood out by containing no footnotes or Chair’s Summary, marking a historic moment.
➡️Within these 83 paragraphs, multiple agreements pertaining to the Finance Track were embedded. Furthermore, it featured 8 paragraphs addressing the conflict in Ukraine and its subsequent economic implications. Finance Minister Nirmala Sitharaman highlighted the achievements of the Indian G-20 Presidency, emphasizing a concrete strategy for strengthening multilateral development banks, a clear path for regulating cryptocurrencies, and the deployment of digital public infrastructure to enhance financial inclusion. She also underscored the importance of a faster debt relief plan for vulnerable nations.
➡️Regarding climate change, the declaration stressed the urgency of mobilizing “US$5.8-5.9 trillion in the pre-2030 period for developing countries” and “US$4 trillion per year for clean energy technologies by 2030” to attain net-zero emissions by 2050. It called for a substantial increase in climate funding, transitioning from billions to trillions of dollars.
➡️African Union accepted as part of the G20: Prior to this, the only African member of the G20 was South Africa. At the Delhi Summit of the G20, the African Union, which represents the 55 countries in the African continent, was given full membership, like how the EU is represented.
➡️In addition, there are contact groups that bring together civil societies, parliamentarians, think tanks, women, youth, workers, businesses and researchers from G20 countries.
➡️There is no permanent secretariat of this group. Its presidency is supported by the Troika – the previous, present and incoming presidencies. During India's chairmanship, the Troika will consist of Indonesia, India and Brazil respectively.
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