Recently, the Group of Twenty (G20) held their summit in Buenos Aires, Argentina. This was a milestone for South America as it was the first time that a G20 meeting was hosted on their soil. The G20 is a prestigious international forum renowned for its discussions on economic, financial, and political cooperation. In the near future, India will host the 2022 summit while Japan and Saudi Arabia are scheduled to take over in 2019 and 2020, respectively.
Collateral Points from the communique
Numerous points were highlighted during the Summit which included:
Climate Change
All signatories to the Paris Agreement, with the exception of the US, pledged complete implementation of the pact. They also labeled it as irreversible. Meanwhile, the US confirmed its withdrawal from the agreement but expressed its strong adherence to economic growth and energy access and security.
Trade
Under pressure from the US, the G20 acknowledged that multilateral trade had failed to meet its objectives on promoting growth and job creation. As a result, a call was made for reforms of the World Trade Organization to enhance its functionality.
International Monetary Fund (IMF)
The IMF was identified by the G20 as integral to the global safety net. The members committed to provide adequate funding to the IMF and to meet the goal of finalizing new national quotas in IMF promptly which determines their voting rights. China and India, being major emerging economies in the G20, are advocating for reforms at the IMF.
Corruption and Gender Inequality
The G20 affirmed their commitment to prevent and fight corruption. In terms of gender inequality, they made commitments to reduce the gender gap in the labor force by 25% by 2025.
Future of Work and Infrastructure
Recognizing the transformative role of new technologies on labor, the G20 called for an inclusive, fair, and sustainable future of work, with retraining of workers as needed. They also highlighted the importance of infrastructure as a major driver of global growth and called for greater standardization in contract-making to attract more private capital.
| No. | G-20 Member |
|---|---|
| 1 | Argentina |
| 2 | Australia |
| 3 | Brazil |
| 4 | Canada |
| 5 | China |
| 6 | European Union |
| 7 | France |
| 8 | Germany |
| 9 | India |
| 10 | Indonesia |
| 11 | Italy |
| 12 | Japan |
| 13 | Mexico |
| 14 | Russia |
| 15 | Saudi Arabia |
| 16 | South Africa |
| 17 | South Korea |
| 18 | Turkey |
| 19 | United Kingdom |
| 20 | United States |
India’s Contributions to the G20 Summit 2018
During the G20 summit in 2018, India proposed a Nine-Point Agenda for action against fugitive economic offenses and asset recovery. The agenda addressed issues ranging from preventing such offenses, enhancing cooperation in legal processes, denying entry and safe havens to offenders, and implementing principles of relevant United Nations Conventions. India also requested the Financial Action Task Force (FATF) to develop standard definitions and procedures related to dealing with fugitive economic offenders. Additionally, a common platform was suggested for sharing experiences and best practices in this regard. Lastly, the G20 forum was asked to consider starting work on locating properties of economic offenders who have tax debt in the country of their residence.
Furthermore, India participated in numerous bilateral and trilateral meetings alongside G20, including informal BRICS, “RIC” and “JAI” meetings.
Trilateral Meetings
The inaugural trilateral meeting, involving Japan, America (US), and India (JAI), was held during the summit. During this meeting, the Prime Minister of India proposed actions to promote peace and prosperity in the Indo-Pacific region, emphasizing the importance of cooperating in areas such as connectivity, sustainable development, disaster relief, maritime security, and mobility.
Another crucial trilateral meeting involved India, Russia, and China (RIC). Discussions during this meeting revolved around cooperation and coordination in areas contributing to global peace and stability. The first RIC Trilateral Summit took place in 2006.
About the Group of Twenty (G20)
Founded in 1999, the G20 was initially a forum for Finance Ministers and Central Bank Governors of industrialized and developing economies to address key global economic issues. Since 2008, the group’s agenda has expanded to include heads of government, states, finance ministers, and foreign ministers. Collectively, G20 members account for 85% of global economic output, two-thirds of the global population, 75% of international trade, and 80% of worldwide investments in research and development.
The G20 neither has a permanent headquarters nor a standing staff. The country presiding over the group is responsible for all organizational and logistical arrangements for meetings. Members comprise nineteen of the world’s largest economies and the European Union. Other attendees of G20 meetings include the United Nations (UN), IMF, and the World Bank with Spain being a permanent guest invitee.
The forum operates on two tracks: the Finance Track and the Sherpa Track. The Finance Track entails meetings focused on financial and economic issues such as monetary, fiscal, and exchange rate policies, infrastructure investment, financial regulation, international taxation, among others. The Sherpa Track deals with larger issues like political engagement, anti-corruption, development, trade, energy and climate change, and gender equality.
The G20 has been instrumental in various global scenarios such as the swift deployment of emergency funding during the 2008 financial crisis and initiating reforms in international financial institutions by enhancing oversight of national financial bodies. Over the years, the G20 has evolved into a platform for discussing issues affecting the world.
