The 18th G20 Summit was held in New Delhi, India on September 9th and 10th, 2023. This marked the first time India hosted this high-profile international event. With the theme “Vasudhaiva Kutumbakam” or “The world is one family”, the summit aimed to address various global issues, from political tensions to sustainable development, food security, and more. The launching of the Global Biofuel Alliance was also part of the event’s agenda.
Moving Towards Greater Inclusivity: The African Union Joins the G20
A significant outcome of the G20 Summit was the admittance of the African Union (AU) as a permanent member, effectively making the G20 now G21. This inclusion represents a major step towards greater representation of developing countries in global discourse. The AU’s membership offers a chance to reshape global trade, finance, and investment, providing a stronger voice for the Global South within the G20.
Paving the Way for Biofuel Adoption: The Global Biofuels Alliance
Established as an initiative led by India, the Global Biofuels Alliance (GBA) aims to encourage governments, international organizations, and industry toward biofuel adoption. The alliance aspires to position biofuels as a critical component of the energy transition, contributing to job creation, economic growth, and the furthering of India’s existing biofuel programs.
India – Middle East – Europe Economic Corridor (IMEC): Building Infrastructure Partnerships
During the summit, a Memorandum of Understanding (MoU) was signed to establish the IMEC, an infrastructure project connecting India, the Middle East, and Europe. Engaging public and private investments for infrastructure projects in developing countries, IMEC is a response to China’s Belt and Road Initiative (BRI), offering an alternative infrastructure network.
The G20 Global Partnership for Financial Inclusion Document: Praises India’s Digital Progress
The Global Partnership for Financial Inclusion document, prepared by the World Bank, lauded the transformative impact of India’s Digital Public Infrastructure(DPI) over the past decade. With the DPI’s approach, India was able to achieve significant progress in financial inclusion within just six years, driven by initiatives such as the Jan Dhan-Aadhar-Mobile (JAM) Trinity and Pradhan Mantri Jan Dhan Yojna (PMJDY).
Other Key Highlights from the G20 Summit 2023
Apart from the aforementioned outcomes, the G20 leaders also committed to tripling the global renewable energy capacity by 2030 as part of climate change efforts. They pledged to address rising commodity prices and eliminate hunger and malnutrition. A focus on healthcare resilience and research, particularly on long Covid, was also part of the discussion. Furthermore, the summit resulted in agreements pertaining to finance and cryptocurrency regulation, trade expansion through the India-Mercosur Preferential Trade Agreement (PTA), and substantial increases in climate financing.
India-US Collaboration at the G20 Summit 2023
India and the United States announced their commitment to strengthening their technology partnership, focusing on resilient semiconductor supply chains, and telecom infrastructure. The US completed the notification process for a commercial agreement with India’s Hindustan Aeronautics Ltd. (HAL) to manufacture GE F-414 jet engines in India, marking a significant step in the two countries’ defence cooperation.