Why in news?
Prime Minister Narendra Modi, accepted the ceremonial gavel from Indonesian President Joko Widodo during the conclusion in Bali to next G-20 summit in India .
- Joint declaration brought out at the end of the summit stating the Ukraine war was causing economic difficulties and insecurity worldwide, and the threat of using nuclear weapons
- The “outcome document” was adopted through “consensus”, and India contributed constructively in its drafting.
- Prime Minister Narendra Modi’s phrase at the SCO summit, “not an era of war”, was included in the final statement of document
India on Next presidency
- India is taking charge of the G-20 at a time, the world is simultaneously grappling with geopolitical tensions, economic slowdown, rising food and energy prices, and the long-term ill-effects of the pandemic
- Next year G-20 priority is given to “women led development” which would be driven by the recently unveiled theme of “One Earth, One Family, One Future”.
India and its diplomacy at G-20
- India and Indonesia: Problems of “food and energy security” and Indonesia removed a ban on palm oil exports due to global shortages of Ukraine war also discussed
- India and Britain : India-U.K. Free Trade Agreement, that missed its deadlines and issues of “trade, mobility, defence and security” were given special focus
- India and Italy : Seeking cooperation in “energy, defence, culture, boosting efforts to combat climate change and the economic partnership”
- India and Germany : Green partnership on renewable energy, as well as strengthening trade and investment were issued that raised at the meeting
- India and France : French President Emmanuel Macron referred to the defence partnership between India and France, as well as the civil nuclear cooperation pertaining to the much-delayed Jaitapur nuclear power plant
- India and ASEAN : ASEAN-India partnership, bilateral ties, and increasing investment in “Fintech, renewable energy, skill development, health and pharmaceutical sectors ”were top properties of discussion
- 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 insecurity, and elevating financial stability risks.
G-20 and Climate change
- Rich nations including the S., Japan and Canada have pledged $20 billion to wean Indonesia of coal in this summit
- The U.S. and Japan have led the International Partners Group to mobilise funds from the public and private sector to support Indonesia’s efforts to reach carbon neutrality by 2050
- G20 leaders agreed to pursue efforts to limit the global temperature increase to 5 degrees Celsius– confirming they stand by the temperature goal from the 2015 Paris Agreement on climate change.
G-20 and Food Security
- Leaders promised to take coordinated action to address food security challenges and applauded the Black Sea grains initiative
- Recalling the G20 efforts such as the Global Agriculture and Food Security Program and Matera Declaration to support regional, and national initiatives in are need of an hour
- A commit to facilitate humanitarian supplies for ensuring access to food in emergency situations and call on UN Member States and all relevant stakeholders with available resources for countries most affected by the food crisis.
- Founded : In 1999 as response to several world economic crises
- Nature: Intergovernmental forum
- Members: 19 countries and the European Union (EU) (including both industrialised and developing nations)
- Function: Address major issues related to the global economy, such as international financial stability, climate change mitigation, and sustainable development
- Summit : Convened at least once a year, involving each member’s head of government or state, finance minister, or foreign minister, and other high-ranking officials
- Invitee’s: international organizations, and nongovernmental organizations are invited to attend the summits, some on a permanent basis.
- Chairman (Incumbent): Narendra Modi, Prime Minister of India
- 20 members in the group: Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, South Korea, Japan, Mexico, Russia, Saudi Arabia, South Africa, Turkey, the United Kingdom, the United States, and the European Union.
- Guest invitees include, amongst others, Spain, the United Nations, the World Bank, the African Union and ASEAN.