Prime Minister Narendra Modi formally handed over the ceremonial gavel of the G20 Presidency to Brazilian President Luiz Inacio Lula da Silva at the closing ceremony of the Leaders’ Summit in Delhi on Sunday but announced that India would hold another summit, a virtual one, in November-end when its presidency actually ends.
“India has the responsibility of G20 Presidency till November. In these two days, you (world leaders) have expressed several views and put forward various proposals. I propose that we hold a virtual session of G20 in November end, where we can review the subjects of this summit,” Modi said before he announced the conclusion of the G20 Summit.
India took over the Presidency of the G20 from Indonesia on December 1, 2022 and will continue to hold it till November 30.
Modi made a renewed push for expansion of the UN Security Council and reforms in all global institutions as the G20 summit drew to a close with the US, Russia and France praising the meeting outcomes under Indian presidency.
Talks with Macron
On the final day, another critical meeting took place between Modi and the French President Emmanuel Macron where both leaders reiterated their commitment to strengthen the defence cooperation and called for early finalisation of the Defence Industrial Roadmap. Modi also met Canadian President Justin Trudeau, German Chancellor Olaf Scholz and Turkish President Recep Tayyip Erdogan.
While getting all G20 members to put their differences aside over the Russia-Ukraine conflict was one of the highlights of the summit, a number of major initiatives were announced over the last two days that would need tenacious following up by Brazil for fruition. Launch of the Global Biofuel Alliance with the US, Brazil, Singapore, Bangladesh, Italy Argentina, Mauritius and UAE, was one such initiative promoting widespread adoption of biofuels.
Economic corridor
Another significant announcement was on the India-Middle East-Europe Economic Corridor that would connect the West to Asia. “The IMEC would help promote economic integration between India and Europe,” Modi said.
Focussing on use of technology for inclusive development was also a primary area of focus for India. “India has been focusing on using technology for inclusive development taking it to the last mile. In our small villages even a small business owner is doing digital payments. In our Presidency, consensus has been formed for development of a strong Digital Public Infrastructure framework. Similarly, G20 Principles on Harnessing Data for Development have also been agreed upon,” the PM said.
New Delhi also suggested development of a framework for `Responsible Human-Centric AI Governance’. “In this regard, India will also give its suggestion. Our effort will be that socio-economic development, global workforce and R&D spaces are benefitted by AI,” Modi said.
On cryptos
The New Delhi Declaration welcomed a synthesis paper, prepared by International Monetary Fund (IMF) and Financial Stability Board (FSB) advocating a comprehensive regulatory and supervisory oversight of crypto-assets, as opposed to a blanket ban to address macroeconomic and financial stability risks. It also pitched for using norms for money laundering to check the use of crypto assets for criminal and terrorist misuse.
This will be taken up for detailed deliberation during next G20 Finance Minister Central Bank Governor (FMCBG) under India’s Presidency meeting to be held in Maracas (Morocco), next month and later it could be reviewed at the virtual G20 Summit in November.
Endorsing Modi’s proposal for a virtual G20 Summit in November, Russian Foreign Minister Sergey Lavrov said that it will be a reality check on how current decisions are implemented.
Over to Brazil
At the closing ceremony, Brazilian President Lula said that his country’s Presidency of the G 20 would have three priorities — social inclusion and fight against hunger, energy transition and sustainable development and the reform of global governance institutions. “Two task forces will be created — Global Alliance against Hunger and Poverty & the Global Mobilisation against Climate Change,” Lula said.
The African Union’s inclusion into the G20, a key initiative pushed by India during its Presidency and formalised at the G20 Summit, also had the full support from Brazil since the idea was proposed earlier this year.
(With inputs from Shishir Sinha and Meenakshi Verma Ambwani)