G-20: Bali Summit Concludes

Context

The 2-day annual summit of G-20 concluded on 16th Nov 2022 in Bali with a joint statement condemning Russia’s war against Ukraine.

Probable Question

Post Covid-19, G20 summit at Bali was a missed opportunity to end the suffering caused to the global south by the Russia-Ukraine war. Discuss. (10 Marks, 150 Words)

About the Bali Summit of G-20  

• G-20 annual Summit 2022 was held on 15-16 November in Bali. 
• The theme of the summit was  'Recover Together, Recover Stronger'. 
• The 2023 G-20 summit will be held in India and the theme chosen by India is ‘One Earth, One Family, One Future’.

India at Bali Summit

Indian Prime Minister attended the G-20 Bali summit. India also held bilateral meetings with the Indonesian President, Spanish Prime Minister, French President, Singapore Prime Minister, and UK Prime Minister. 

Joint Declaration at Bali Summit

• The  “outcome document” was adopted through “consensus” among the G20 members.

Russia-Ukraine War:

• Joint declaration says that most members strongly condemned the war in Ukraine.
•  It stressed that it is causing immense suffering and exacerbating existing fragilities in the global economy i.e. constraining growth, increasing inflation, disrupting supply chains, heightening energy and food security, and elevating financial stability risks.

Global Economy

• The US interest rate hike and consequent outflow of capital from developing countries and increased volatility in currency and ways to avoid it, found a place in the discussion.
• On debt, leaders expressed concern over the deteriorating situation in some middle-income countries and stressed that creditors need to share the burden equitably.

Global Food Security

• The declaration from the G20 leaders expressed concern about the challenges to global food security intensified by the ongoing “conflicts and tensions”, and expressed commitment to take “urgent actions” to help developing economies.
• Also, leaders agreed to take further coordinated actions to address food security challenges including price surges and shortages of food commodities and fertilizers globally.

Terrorism

• The G20 declaration also called upon the international community to “step up” efforts to counter money laundering, terrorism financing, and proliferation financing.
• It urged the Financial Action Task Force (FATF) and FATF Style Regional Bodies to “lead global action” to respond to these threats.

Also Read yesterdays edition of current affairs on 19th ASEAN-India Summit , in case you missed reading it.

Multilateral Trading System

•  The leaders agreed on the need for a “rules-based, free, fair, open, inclusive, equitable, sustainable and transparent multilateral trading system (MTS) with the WTO (World Trade Organisation) at its core for inclusive growth among the member states.

Related: INDIA - U.S Trade Ties -UPSC Current Affairs

Indian Govt. is pushing for International trade in Rupee

India-UAE Trade Pact

Climate Change

•  G-20 leaders stressed the need to pursue efforts to limit the global temperature rise to 1.5 degrees Celsius i.e. achievement of the goal of the Paris Agreement.

Additional Information About G-20 The G-20 was established in 1999 after the economic crisis faced by the Asian Tiger economies of SouthEast Asia.The G20 comprises 19 countries: Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, South Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, the UK, the USA and the European Union (EU). Objective  To prevent global economic crisis especially global financial crisis.To ensure global economic cooperation.To set global economic agenda in order to gain prosperity and peace.Related: India and UAE: Comprehensive Economic Partnership Agreement (CEPA)                                                                                 Fig: G-20 NationsUPSC Prelims PYQ 2020 In which of the following groups are all the 4 countries members of G20? (a)Argentina, Mexico, South Africa, and Turkey. (b) Australia, Canada, Malaysia, and New Zealand. (c) Brazil, Iran, Saudi Arabia, and Vietnam. (d) Indonesia, Japan, Singapore, and South Korea.

https://www.thehindu.com/news/international/war-causing-immense-human-suffering-g20-declaration/article66144653.ece

https://indianexpress.com/article/world/g20-declaration-reflects-differences-among-members-over-russia-ukraine-conflict-8271878/

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