17th November 2022 (7 Topics)

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G20 Bali Leaders’ Declaration

Context

The 2022 G20 Leaders' Summit concluded with member states issuing a joint declaration on cooperation for global development.

India will now officially assume the G20 Presidency on December 1, 2022.

About

Key points of the Joint Declaration

On Russia-Ukraine Conflict: The G20 summit had come to a common ground and addressed the impact that western sanctions against Russia have had on the global economy.
- Clarified that G20 is not the forum to ‘resolve security issues’ but these issues can have significant consequences for the global economy.
On Food Security: The leaders expressed concern about the challenges to global food security which has been intensified by the ongoing conflicts and tensions, and committed to taking ‘urgent actions' to help developing economies.
- The text of the outcome document also acknowledged the Russian donations of fertilizers facilitated by the World Food Programme and the Black Sea Grain Corridor.
Against Terrorism and Money laundering: The G20 declaration also called upon the international community to step up efforts to counter money laundering, terrorism financing, and proliferation financing and urged the Financial Action Task Force (FATF) and FATF Style Regional Bodies to ‘lead global action to respond to these threats.
Against War: The leaders at G20 have clearly mentioned that they all are against war, as it causes great human suffering and affects Global rule-based order.

G20 or Group of Twenty:

The G20 is an informal group of 19 countries and the European Union, with representatives of the International Monetary Fund and the World Bank.
G20 is the premier forum for international economic cooperation representing around 85% of the global GDP, over 75% of the global trade, and about two-thirds of the world population.
It includes 19 countries, including, Italy, Japan, the Republic of Korea, Argentina, Australia, Brazil, Germany, India, Indonesia, Canada, South Africa, Turkey, the UK, the USA, China, France, Mexico, Russia, Saudi Arabia, and the European Union (EU).

India’s Perspective at G20:

India is currently a part of the G20 Troika (current, previous, and incoming G20 Presidencies) which includes Indonesia, Italy, and India.
During India’s presidency tenure, Brazil and Indonesia would make up the troika.
For the first time, the troika would be having three developing nations and emerging economies, providing a strong narrative of the concerns of these economies.

G20 Presidency as an opportunity for India:

The growing conflicts and spiraling climate crises have kept global and regional food security as one of the priority agendas of the G20 for many years now.
Against this backdrop, India’s presidency of the G20 offers a historical opportunity for India to share its successful journey in moving from a food-deficit nation to a food-surplus nation.
India can play a key role to address the growing challenges of food security for creating resilient and equitable food systems.

Points remained Unaddressed:

No Bilateral agreement has been signed in the event regarding the trade and crisis of fuel supplies.
The issue of Infrastructure finances for food grain storage and Agriculture has been noted.
Funds for research and development in the field of Biotechnology and GM crops are unnoticed.

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