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- The G20 summit was recently concluded in Bali, Indonesia.
More about the news
- India’s Presidency:
- Indonesia handed over the G20 presidency to India for the coming year as the Bali summit of the grouping ended with the member states finalising the joint declaration.
- Bali Leaders’ Declaration:
- War in Ukraine:
- The declaration stated that the war in Ukraine is causing economic difficulties and insecurity worldwide.
- It also termed the threat of using nuclear weapons in the war as “inadmissible”.
- Most members strongly condemned the war in Ukraine and stressed it is causing immense human suffering and exacerbating existing fragilities in the global economy –
- Constraining growth,
- Increasing inflation,
- Disrupting supply chains,
- Heightening energy and food security and
- Elevating financial stability risks, said the declaration.
- Threats to security:
- The G20 declaration also called upon the international community to “step up” efforts to counter
- Money laundering,
- Terrorism financing and
- Proliferation financing
- The declaration also urged the Financial Action Task Force (FATF) and FATF Style Regional Bodies to “lead global action” to respond to these threats.
- The G20 declaration also called upon the international community to “step up” efforts to counter
- War in Ukraine:
- Multilateral Trading System (MTS):
- The leaders also said the “rules-based, non-discriminatory, free, fair, open, inclusive, equitable, sustainable and transparent multilateral trading system (MTS) with the WTO [World Trade Organisation] at its core, is indispensable” to advancing inclusive growth among the member states.
- Background of the declaration:
- U.S. President Joe Biden chaired an emergency meeting of the western bloc in Bali after a missile from the Ukrainian battlefield landed in Przewodow in eastern Poland near the Polish border with Ukraine.
- NATO countries called for an emergency meeting to determine who exactly fired the missile.
Know about G20
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India’s action Plan for its Presidency
- According to the Ministry of External Affairs, India will strengthen international support for priorities of vital importance to developing countries in diverse social and economic sectors, ranging from
- Energy, agriculture, trade, digital economy, health and environment to
- Employment, tourism, anti-corruption and women empowerment, including in focus areas that impact the most vulnerable and disadvantaged.
- Criticisms:
- It has been criticised that this plan lacks specificity.
- India has lost a chance to nudge the G20 and regional organisations towards its focus areas.
- Confronting global challenges:
- Currently, there are five challenges plaguing the world that the G20 can attempt to fix.
- First and most pressing is the in-your-face Russia–Ukraine conflict.
- The second challenge is of rising prices, particularly of food.
- The third challenge is energy.
- Russia is teaching the world that while sanctions against it could impact its economy in the future, but in the short term, these sanctions are failing.
- As rising food and energy prices lead to inflation, the fourth challenge is the manner in which countries are attempting to fix the problem.
- The fifth challenge is the threat of stagflation.
- Currently, there are five challenges plaguing the world that the G20 can attempt to fix.
Source: TH
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