KEY TAKEAWAYS FROM G20 SUMMIT

KEY TAKEAWAYS FROM G20 SUMMIT

Author:- Maaz Rashid Momin, A Student from Government Law College, Mumbai

India successfully hosted the G20 summit at New Delhi which saw the participation of leaders from the most powerful nations. The theme for the G20 summit 2023 was Vasudhaiva Kutumbakam (the whole earth is a family). There are plenty of positives that can be highlighted in this summit. To begin with, one of the most important outcomes of G20 summit was the "New Delhi Leaders' Summit Declaration" on all developmental and geopolitical matters. The significant aspect of this declaration was the unanimous consensus on all 83 paragraphs, with even China and Russia in agreement. It was a good achievement because, until the G20 summit, the widespread expectation was that there would be no agreement and therefore joint communication might not be possible. Furthermore, India’s G20 presidency welcomed a historic development- the inclusion of African Union as a permanent member of G20. Prime Minister Modi warmly invited the AU Chairperson to assume a permanent seat at the G20 table, marking a significant global diplomacy and cooperation moment. The entry of the AU would provide greater voice to the Global South within the G20 where the G7 countries have long played a dominant role. Another notable highlight was the launch of the Global Biofuels Alliance, it is an alliance driven by India, the United States, and Brazil which is a concerted effort to address pressing energy and economic challenges through sustainable biofuels. The summit also witnessed the announcement of a significant initiative-the India-Middle East-Europe Economic Corridor (IMEE EC). It is a multinational rail and shipping project linking India with the Middle East and Europe, the corridor would include India, Saudi Arabia, the United Arab Emirates, Jordan, Israel and the European Union. It will definitely challenge the China’s economic ambitions in the region. The G20 leaders made commitments to address climate change such as tripling renewable energy capacity globally by 2030 and need to phase-down unabated coal power, they also emphasized the need for substantial climate financing. In the agricultural domain, the G20 leaders pledged to promote transparent and fair trade, eliminate hunger and malnutrition, and support initiatives like the Black Sea grain initiative and the Millet initiative. The G20 Global Partnership for Financial Inclusion document acknowledged India’s remarkable progress in digital public infrastructure (DPI) and its impact on financial inclusion. The declaration also mentions the approval of India’s plan to build and maintain Global Digital Public Infrastructure Repository. The repository will be a virtual stack where non-G20 and G-20 countries can voluntarily share their open-source mechanisms. 

Now looking toward the other side of the story, there are certain debacle in the G20 presidency of India. The G20 nations collectively contribute to about 80% of global emissions, however the G20 leaders at the summit did not reach a consensus on the phase-out of fossil fuels. Another talk of the town in the G20 Summit 2023 was the absence of Chinese President Xi Jinping and Russian President Vladimir Putin, however, the New Delhi Declaration and various other declarations have proved India’s capability and diplomatic alliance across the world. Also there were no details about financing or a time frame for the project that involved laying down railway lines in the Middle East and then connecting them to India by port. There were certain mixed reaction on New Delhi Leader’s Declaration, Ukraine criticized the Declaration as it did not explicitly mention Russia's aggression towards Ukraine. 

Overall, the G20 Summit 2023 covered a wide range of global issues and resulted in significant agreements and collaborations, showcasing India’s role in shaping global diplomacy and cooperation. There are certain issues on which India needs to ponder but largely G20 Summit 2023 was a huge positive for India’s diplomacy.