Highlights of the G-20 Summit – 2016

The eleventh annual meeting of the G20 heads of governments

Why in News: The eleventh annual meeting of the G20 heads of governments was held at the Chinese city of Hangzhou, Zhejiang province on 04-05 September 2016.gso-leaders

  • China hosted the G20 Summit for the first time and is the second country from Asia after South Korea to host it. The previous G20 Summit was held at Antalya, Turkey on 15-16 November 2015.
  • The major focus during this Summit was implementation of the previous commitments, boosting investments to drive growth, and committing to remove trade barriers to stimulate global economy.

Highlights of the G-20 Summit – 2016

  • The leaders renewed their pledge to ensure that growth “serves the needs of everyone and benefits all countries and all people” and that it should generate “more quality jobs” address inequalities and eradicate poverty “so that no one is left behind”.
  • In their communiqué they promised to “reject protectionism” and “promote global trade”.
  • G20 leaders adopted a statement highlighting the need to address:
  • Tax evasion through a concerted effort by all G20 nations. The Organisation for Economic Co-operation and Development has been asked to share the black list of tax heavens that can be targeted to prevent tax evasion.
  • The heads of states of G20 braced themselves to walk the tight rope balancing, anti-globalisation/ protectionism and liberalisation/ removing trade barriers to stimulate global trade.
  • Innovative methods were sought to trigger fiscal stimulus and boost economic growth. They agreed that the same cannot be achieved without combating populist attacks on globalisation.
  • Lastly, they affirmed better support for refugees through a coordinated and comprehensive response to tackle both this crisis, as well as its long term consequences.

India’s Major Take-aways from the G20 Summit

  • PM Modi met with several world leaders on the sidelines of the G20 Summit and discussed many key issues with him. Some of the major takeaways by India from the G20 Summit-2016 are enumerated below:
  • The most hard-hitting statement made by PM Modi was against Pakistan, and he said that “Indeed, one single nation in South Asia is spreading these agents of terror in countries of our region.”
  • PM Modi had a 35 minute long bilateral with President Xi, which happens to be their eighth meeting. The issues that were discussed included:
  • India’s concerns with China over the China-Pakistan Economic Corridor (CPEC) which runs through Pakistan Occupied Kashmir (PoK) and he put across to President Xi Jinping that the two countries need to be “sensitive” to each other’s strategic interests.
  • Maintenance of peace and tranquillity on the border, especially LAC was also mentioned during their parley.
  • PM Modi, while condemning the recent suicide bomb attack on the Chinese Embassy in Bishkek, capital of Kyrgyzstan, said that it was yet another proof of the continuing scourge of terrorism in the region and obliquely hinted at Pakistan, by saying, that our response to terror must not be motivated by political considerations.
  • PM Modi reiterated in his speech that, efforts must be made to provide a level playing field to the developing countries and import surges from the developed countries must be checked, especially in the Agriculture sector.
  • PM Modi Pitched for Early Implementation of International Monetary Fund (IMF) Quota Reforms
  • Secret data pertaining to the operational capabilities of six highly-advanced submarines being built for the Indian Navy in Mumbai in collaboration with French defence company DCNS was leaked overseas.
  • This important issue was also raised by PM Modi with the French President on the sidelines of the G20 Summit in Hangzhou.
  • Issue of India’s NSG Membership Discussed with Turkish President Recep Tayyip Erdogan
  • PM Modi underlined that even after the Brexit, the UK remained as important to India as before and discussed areas of congruence for further enhancement of bilateral defence partnership and trade & investment opportunities.
  • The Prime Minister invited British firms to ‘Make in India’ as both leaders also looked forward to an early visit by Defence Minister Manohar Parrikar to the UK. Prime Minister also touched upon UK’s visa policy and said that the new UK regulations could have a negative impact on Indian working professionals wishing to visit UK for short term business visits. Finally, PM Modi also invited his British counterpart to visit India in her new capacity.

About G20

  • G20 is a forum for international economic cooperation amongst 20 major developed and developing economies of the world.
  • It was founded in 1999, as a forum for finance ministers and central bank governors who met once a year, to discuss international economic issues.
  • The global economic crisis in 2008 evolved the G20 into the premier Leaders’ Forum for international economic cooperation. Hence, the G20 was formally launched in 2008 in the USA.
  • The G20 includes 19 individual countries, i.e. Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, South Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, the UK and the USA and the European Union (EU).
  • Collectively, the G20 economies account for around 85 per cent of the GDP, 80 per cent of world trade and two-thirds of the world population
  • The G20 has no permanent secretariat, and much of the preparation for the summit is completed by G20 leader’s personal representatives, known as “Sherpa’s”.
  • Sherpa’s maintain contact with each other over the course of the year to discuss agenda items for the summit and coordinate the work of the G20.
  • Annual meetings of finance ministers and central bank governors continue to take place, advancing the work of the G20 and contributing to the discussions at leaders’ summits.
  • Summit hosts are responsible for preparing leaders summits and for organizing the series of preparatory meetings that advance G20 work throughout the year.
  • At each meeting, the host country may also invite non-member guest countries to attend.
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