With the theme “the world is one family”, the host country wants the conference to focus on sustainable development, as well as measures to spread economic growth more equitably between developed and developing countries.
During India’s tenure as the G20 chair, the bloc discussed a range of issues such as increased lending to developing countries by multilateral institutions, reform of the international debt structure, cryptocurrency regulation, and the impact of geopolitical uncertainty on food and energy security.
Indian officials said on 8 September that the joint statement of the G20 meeting was nearing completion, indicating that negotiators had bridged the gap on contentious issues.
theo reuters, the G20 currently accounts for 80% of global GDP, 75% of international trade, and about 2/3 of the world’s population. Members include Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, the UK, the US and the European Union (EU).
On 8 September, security was tightened in New Delhi, the capital of India. Photo: Reuters
The G20 was established in 1999 following the Asian financial crisis. At that time, it was a forum for economic ministers and officials to discuss measures to restore economic stability. The first G20 summit took place in 2008 to promote international cooperation.
In recent years, the G20 summit has also focused discussion on issues such as climate change, sustainable energy and international debt forgiveness.
Before the meeting, Indian Prime Minister Narendra Modi said that the G20 needed to discuss the concerns of the Southern Hemisphere grouping (developing countries), and pledged not to let the Ukraine crisis dominate the agenda.
To prepare for the above priority issue, Mr Modi chaired the “Voice of the Southern Hemisphere” summit earlier this year, also addressing issues important to developing countries such as: alternative fuels, digital public infrastructure, food security…
The presence of the African Union (AU) at this G20 summit further strengthens the position of the host country. Page bloomberg It is learned that the G20 has agreed to grant permanent membership to the AU and the decision is expected to be announced at the summit in India.
It is part of an effort to give African countries a stronger voice on global issues such as climate change and debt.
Brookings Institution (USA) expert Tanvi Madan said India and developing countries in the G20 want industrialized economies to contribute financially to solve problems such as debt, food prices and energy.
These challenges have been exacerbated by the impact of the COVID-19 pandemic and global geopolitical uncertainties. In 2020, the G20 agreed on a common framework for debt restructuring for poor countries, but progress has been slow.
Significantly, US President Joe Biden will also focus on discussing several of Modi’s priorities at the conference, which include reforming the World Bank and the International Monetary Fund to help developing countries. Additionally, US leaders are expected to call for “meaningful debt relief” for low- and middle-income countries while promoting progress on other priority issues such as climate and economic growth.