G20 Summit Delhi 2023: What is the main agenda of this summit, what are the expectations on key issues?

 

The G20 Summit Delhi is going to be held on September 9-10, 2023 under the chairmanship of India, in which many global issues will be discussed.

During this period, India’s focus may be on issues like cryptocurrency regulation, multilateral development bank reform, advancing digital public infrastructure, climate financing, creating debt relief framework for distressed countries and improving the global value chain.

 

There can also be a discussion about the Russia-Ukraine crisis and the subsequent global food and energy insecurity. The summit being held in New Delhi (G20 Summit Delhi) is expected to have a presidential summary like the ‘G20 Bali Summit’. The event will conclude with India handing over the reins of the G20 to Brazil, the host of the next summit after G20 Summit Delhi.

G20 Summit Delhi

The absence of Russian President Vladimir Putin and Chinese President Xi Jinping in the list of global leaders arriving in G20 Summit Delhi highlights the lack of consensus on certain topics. Although the representatives of these countries are definitely participating.

 

As leading nations meet as the Russia-Ukraine crisis continues, concerns about the global economic recovery, supply chain disruptions, inflation management and monetary tightening have dominated most of the discussions and led to differences in opinion across countries.

 

G20 Summit Delhi: Main Agenda

 

The G20 Summit in Delhi 2023 is poised to be a crucial gathering of world leaders, and its main agenda reflects the pressing global challenges that demand collective action. As the world grapples with a myriad of issues, the summit aims to address the following key areas:

1. Climate Change and Environmental Sustainability: With climate change becoming increasingly urgent, the G20 will focus on setting ambitious targets to reduce greenhouse gas emissions, advance renewable energy technologies, and promote sustainable practices. Expectations are high for concrete commitments and a united front on climate action.

2. Global Health and Pandemic Preparedness: In the wake of the COVID-19 pandemic, discussions at the summit will center on strengthening global health systems, vaccine distribution, and pandemic preparedness. Leaders are expected to address the need for equitable vaccine access and share strategies for preventing future health crises.

3. Economic Recovery and Inclusive Growth: The summit will deliberate on strategies to foster economic recovery post-pandemic while ensuring inclusive growth that leaves no one behind. Expectations include discussions on trade policies, job creation, and financial stability.

4. Cybersecurity and Digitalization: As the world becomes increasingly reliant on digital technology, the summit will focus on cybersecurity and the regulation of emerging technologies. Leaders are expected to address the protection of critical infrastructure and the promotion of responsible digital innovation.

5. Global Trade and Economic Governance: Trade tensions have been a recurring theme in recent years. The G20 is anticipated to address trade disputes, reform global trade governance, and work towards fair and open markets to boost international economic cooperation.

6. Geopolitical Conflicts and Peacebuilding: Amid ongoing geopolitical tensions in various regions, leaders will discuss strategies for conflict resolution, peacebuilding efforts, and diplomatic initiatives. Expectations include calls for dialogue and cooperation to defuse international conflicts.

7. Social Equality and Inclusion: Promoting social equality and inclusion will be a significant part of the agenda. Leaders are expected to discuss policies aimed at reducing inequalities, advancing gender equality, and promoting social justice.

8. Infrastructure Development and Connectivity: In a bid to foster global connectivity and sustainable infrastructure, the summit will explore opportunities for international cooperation in infrastructure development projects, particularly in emerging economies.

Expectations for the G20 Summit in Delhi 2023 are high, with the world looking to these leaders for bold and collaborative solutions to address these pressing global issues. The summit represents an opportunity for nations to work together towards a more stable, sustainable, and equitable future for all.

 

G20 Summit Delhi: India’s financial track

 

Some of the key issues raised by the Indian delegation included Digital Public Architecture, Virtual Digital Assets, Climate Finance for Developing Countries, Development Bank Reform, Reform of Urban Infrastructure Financing Practices, Debt Vulnerabilities of Crisis-hit Low and Middle Income Countries and International Taxation. Are included.

 

Finance Minister of India, Nirmala Sitharaman had told after the meeting of Finance Ministers of G20 countries and Governors of Central Banks held in Gandhinagar that the delegations have shown interest in the agenda set by India.

 

“India’s presidency has received widespread support on all agendas. Many thanks to all G20 members for supporting all our issues, strengthening our agenda and offering constructive input on including more issues on the agenda”.

 

Nirmala Sitharaman, Finance Minister (at the press conference of the 3rd FMCBG)

 

A senior official, speaking on condition of anonymity, said that significant progress has been seen in 27 deliverables of the financial track on India’s agenda.

 

An IMF-AFSB synthesis paper released to the public on September 7, 2023 said its expected outcome would be to test projections of flows and stocks of cryptocurrencies used as means of payment by types, sectors and equivalents over October-December 2025. Divided by countries.

G20 Summit Delhi

The paper has been circulated among G20 delegations and follows the expected deregulation, the fall of FTX, and the crypto boom of recent times. However, India’s chairmanship will officially end with the fourth and final FMCBG meeting in Marrakesh, Morocco, where the Expert Group’s report on MDB reforms and expansion of their lending capacities will be discussed. The Multilateral Development Bank Capital Adequacy Framework, developed under the auspices of the G20, proposed that $200 billion of additional lending capacity could be provided by MDBs over the next 10 years.

 

Talking about other notable results, in August, in the meeting of trade ministers under the leadership of Union Commerce Minister Piyush Goyal, it was agreed to establish ‘Jaipur Call for Action’. This includes creating a database of information aimed at helping MSMEs. The Trade and Investment Group also decided to undertake mapping of global value chains and set principles for digitalization of international trade.

 

In the context of the Sherpa track, India in the G20 group can get the African Union (a group of 55 countries) included as a member of the G20, provided the leaders sign it after G20 summit Delhi. Carrying over from the last draft session of the Leaders’ Declaration in Hampi in July, the Sherpas and heads of delegation countries included 6 priorities. This included Sustainable Development Goals, Green Development, MDB reforms, digital public infrastructure and gender equality, based on the results of various working groups.

 

G20 Summit Delhi: What does the business class want?

 

There is a grouping under the G20 – the Business 20 (B20), which brings together international business giants and their policy recommendations to heads of state.

Chaired by N Chandrasekaran of Tata Sons, the B20 communique included several key recommendations:

  • Improving Service Trade and Promoting Technology in Trade
  • Digital public infrastructure rollout to boost financial inclusion and healthcare access
  • Accelerating net-zero transition through a harmonized international carbon market
  • Harmonizing cyber security standards and data privacy regulations
  • Allowing cross border transfer of R&D and technology
  • Developing a Universal Labor Information Management System
  • Incorporating tech-driven frameworks into the AI era
  • Integrating Africa into the Global Economy.

 

G20 Summit Delhi

 

B20 also proposed that global leaders establish some institutional. These include setting up a Global SDG Acceleration Fund, financing for decarbonisation, a B20 Global Institute to take forward the recommendations made.

 

To know about, “World leaders who will be attending the G20 summit Delhi”, Click Here

Leave a Comment