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India’s G20 presidency aims to restore economic growth

NEW DELHI: With several countries still suffering from the impact of the Covid-19 pandemic and exacerbated by the Russia-Ukraine war, India seeks to garner collective action from fellow member countries during its G20 presidency this year to restore economic growth amid “a very challenging time.”

India’s G20 presidency secretariat informed visiting journalists from the Association of Southeast Asian Nations (ASEAN) on Friday that it is a complicated time in its international presidency due to the Russia-Ukraine conflict that started nearly a year ago.

It said India’s G20 presidency is inclusive and preparing an action-oriented and ambitious agenda to encourage all nations to come together to tackle all global challenges that “require more work internationally.”

“Restoring economic growth is a major priority which is the immediate concern for large parts of the world. A number of countries in the world was suffering and facing a huge debt crisis. More than 70 countries are in a very vulnerable state right now. We need to support them globally,” it said in a statement.

India, it added, presents itself as a “bridge and constant partner” of G20 members as well as non-member countries by giving them a chance to voice out their concerns during the nearly 200 G20-related meetings in over 50 cities of the country.

“Of course, we cannot do it alone. We need the support of all G20 member countries, a consensus of all members. India is working to serve as an effective bridge and constant partner for the entire G20 platform,” the secretariat said.

Aside from restoring economic growth, other India G20 priorities are green development and climate change; accelerating progress on sustainable development goals 2023; technological transformation and digital public infrastructure; reformed multilateralism; and women-led development.

“What we are trying to do in India’s presidency is to share a story, care for all and get collective action and we can do this efficiently, and effectively and bring the entire G20 together to take collective action and share the Indian experience and caring everyone together in an inclusive spirit. We would achieve not only for India presidency but for G20 as well,” it said.

The G20 or Group of Twenty was created in 1999 following the Asian financial crisis as a forum for finance ministers and central bank governors to discuss global economic and financial issues.

The G20 Summit is held annually, under the leadership of a rotating presidency.

The G20 initially focused largely on broad macroeconomic issues, but it has since expanded its agenda to inter-alia including trade, climate change, sustainable development, health, agriculture, energy, environment, climate change and anti-corruption.

India's G20 presidency started Dec. 1, 2022 and will end Nov. 30.

This year's Leaders’ Summit will be held on Sept. 9 and 10 in Pragati Maidan, Delhi.

The group comprises 19 countries (Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Republic of Korea, Mexico, Russia, Saudi Arabia, South Africa, Türkiye, the United Kingdom and the United States) and the European Union.

The members represent around 85 percent of the global gross domestic product, over 75 percent of the global trade and about two-thirds of the world population.

India invited Bangladesh, Egypt, Mauritius, Netherlands, Nigeria, Oman, Singapore, Spain and the United Arab Emirates as special guest countries.

It also invited international organizations, including the United Nations, International Monetary Fund, World Bank, World Trade Organization, Asian Development Bank and the ASEAN chair Indonesia.

ASEAN is composed of Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam

Source: Philippines News Agency