Two-day G20 Summit begins today in Bali

15 November, 2022 | Pranay Lad

g20 Top News

PM Modi, US President Biden, & Chinese President Jinping are among the world leaders who have gathered in Bali for the 17th Group of 20 (G20) Summit.

The two-day conference, which begins on Tuesday, is titled “Recover Together, Recover Stronger” and focuses on a number of issues, including climate change, digital transformation, sustainable energy transition, and global economic recovery. After taking place virtually in 2020 with Saudi Arabia serving as chair and both offline and online in 2021 with Italy serving as chair, it will take place in person this year.

UN Secretary-General Antonio Guterres called for coordinated international action to address issues including climate change on Monday. He described climate change as the “defining problem” of our time and asserted that a “climate solidarity agreement” is necessary to meet the objectives set forth in the Paris Agreement.

The climate solidarity accord “may make or destroy the G20 leaders,” he asserted.

In his remarks before leaving, Prime Minister Modi stated that he will hold in-depth conversations with the other G20 Leaders about important global concerns including reviving global growth, food and energy security, environment, health, and digital transformation.

He said, “I will meet with Leaders of many other participating nations on the fringes of the G20 Summit and evaluate the development in India’s bilateral ties with them.

At the G20 meeting in Indonesia, the prime minister will meet individually with world leaders and inform them of India’s shifting G20 objectives.

This G20 Summit is noteworthy because India will preside over the summit beginning on December 1, 2022, for a year. The transition of the presidency will occur during the Bali summit.

The G20 is the foremost platform for international economic cooperation, and it is crucial in establishing and enhancing global governance and the architecture of the world economy.

Prime Minister Modi and other G20 leaders will spend most of the summit deliberating on important contemporary topics, such as the status of the world economy, energy, environment, agriculture, health, and digital transformation, among others.

PM Modi will take part in three working sessions at the leaders’ level during the two-day Bali Summit. These include talks on the security of food and energy, as well as workshops on digital transformation and health.

Foreign Secretary Vinay Kwatra said G20 discussions have become more relevant in the overall global economic and political backdrop during a special news briefing on Sunday.

The lack of advancement in the Sustainable Development Goals (SDGs), the pandemic, and other significant problems, he claimed, are adding to the world’s current struggles.

These include an unequal post-pandemic economic recovery, debt vulnerabilities, particularly in developing nations, continued conflict in Europe, and its spillover effects, such as problems with food security, an energy crisis, and inflation in all nations, according to Kwatra.

The G20 leaders will talk about these issues and stress how crucial closer multilateral collaboration is to resolve them. India, the upcoming presidency, has always actively interacted with all the G20 nations and participants throughout this year, both in the past and during this administration of Indonesia as well.

According to Kwatra, “Our posture has been of consistent and strong support to Indonesia, which has shown significant leadership in ensuring that the G20 platform covers matters of substantial concern to the globe.”

At the Indian community reception on November 15, Prime Minister Modi will also speak to and engage with members of the Indian community and friends of India and Bali.

At the completion of the Bali summit on November 16, the prime minister will go to India.

The G20 was established in 1999 and serves as the primary international platform for collaboration on financial and economic concerns. It includes the European Union and 19 other nations. Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Mexico, Portugal, Russia, Saudi Arabia, South Africa, South Korea, Turkey, the United Kingdom, and the United States are the members.

Nearly two-thirds of the world’s population lives in this region, which also contributes around 86 per cent of the world’s gross domestic product and 75 percent of all international commerce.