|Introduction: Contextual introduction.|
Body: Write the key takeaways from the recently concluded summit of the Group of 20 nations in Bali, Indonesia. Also write what lessons India can learn from it.Conclusion: Write a way forward.
G20 members currently account for nearly 80% of world GDP, 75% of global trade, and 60% of the global population. Next year the “Troika” of G-20 will be made up of emerging economies for the first time with India, Indonesia and Brazil. The motto for the Bali G-20 summit is Recover Together, Recover Stronger.
The key takeaways from the recently concluded summit of the G20 nations in Bali, Indonesia are as follows:
- Condemning Russian aggression: leaders adopted a declaration deploring Russia’s aggression in Ukraine “in the strongest terms” and demanding its unconditional withdrawal. Most members stressed that 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.
- S.-China ties on better footing: major differences, especially over Taiwan, trade restrictions and technology transfers, still the two agreed to keep communications open and avoid confrontation.
- Focus on global economy: The G20 economies agreed to pace interest rate rises carefully to avoid spillovers and warned of “increased volatility” in currency moves. They said further fiscal stimulus measures should be “temporary and targeted”.
- Food security: The leaders promised to take coordinated action to address food security challenges and applauded the Black Sea grains initiative.
- Climate change: G20 leaders agreed to pursue efforts to limit the global temperature increase to 1.5 degrees Celsius.
What lessons can India learn from it?
- Like Indonesia, India too needs to lay the groundwork for dealing with the agenda well in advance.
- The G20 agenda must not be driven by the West or by Moscow and Beijing. Instead, it should be driven by middle powers such as Argentina, Mexico, Saudi Arabia, Brazil, etc.
- India must find like-minded allies like the Indonesians clearly relied on the Indians.
- India should underline the importance of the G-20.
G20 has to include objectives, vision and mission statements, a permanent secretariat, and staff to oversee commitments and ensure continuity in the agenda. The G20, instead of international commitments, can focus on domestic commitments and start implementing them.