Friday, December 1, 2023

“India’s G20 presidency set path for world”: World Bank President Ajay Banga

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World Bank President Ajay Banga praised India’s leadership during its G20 presidency and commended the unanimous adoption of the G20 declaration by all member nations. He highlighted that this achievement demonstrated the ability of G20 leaders to engage in negotiations, compromise, and chart a collective path forward for the world. Banga emphasized that India had shown the way to consensus-building despite the inherent challenges, with 80% of the world’s GDP represented in the room.

Speaking to media, Banga acknowledged that no group of 20 countries would agree on everything due to national interests, but he remained optimistic about the positive atmosphere he observed during the discussions.

The G20 Delhi Declaration, adopted the previous day, called on nations to uphold international law, including territorial integrity, international humanitarian law, and the multilateral system promoting peace and stability. The declaration also outlined various initiatives, including a green development pact for a sustainable future, principles on sustainable development lifestyles, voluntary principles on hydrogen, and principles addressing food security and nutrition.

Significantly, all 83 paragraphs of the declaration were passed unanimously, marking a historic moment as there were no footnotes or Chair’s Summary for the first time. Moreover, the African Union was formally inducted as a permanent member of the G20, granting developing nations a stronger voice in global decision-making.

During the summit, Prime Minister Narendra Modi launched the Global Biofuels Alliance, with the participation of US President Joe Biden, Brazilian President Luiz Inacio, Argentine President Alberto Fernández, and Italian Prime Minister Giorgia Meloni. This alliance will bring together leading biofuel producers and consumers, including Brazil, India, and the United States, to collaborate on biofuel development.

Another significant outcome of the summit was the announcement of the launch of a vast shipping and railway connectivity corridor spanning India, the Middle East, and Europe. This initiative involves cooperation between India, the United States, Saudi Arabia, and the European Union.

Also Read: Brazilian President Lula da Silva Outlines Country’s G20 Priorities after Conclusion of Delhi Summit
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