G20 UPSC
G20 Commitments and Initiatives Under India’s Presidency
Throughout India’s year-long G20 Presidency, spanning from December 1, 2022, to November 30, 2023, more than 200 meetings have taken place across all of India’s States and Union Territories. The successful two-day G-20 Leaders’ Summit held in New Delhi led to the establishment of numerous agreements, pacts, and collaborative efforts among world leaders. This article aims to provide a thorough overview of the key initiatives and advancements achieved during the G20 Leaders Summit under India’s Presidency.
Strong, Sustainable, Balanced, and Inclusive Growth
- G20 renews commitment to fair trade and discourages protectionism.
- Focuses on achieving universal social protection coverage and portability of social security benefits.
- Emphasizes macro policy cooperation and support for the 2030 Agenda for Sustainable Development.
- Learns from lessons of recent banking turbulence in advanced economies.
- Supports initiatives by the Financial Stability Board (FSB) and standard-setting bodies (SSBs) to address banking issues.
Accelerating Progress on Sustainable Development Goals (SDGs)
- Prioritizes resilient and inclusive growth, women’s empowerment, well-being, and education.
- Recognizes the importance of foundational learning and foundational skills for education and employment.
- Utilizes digital transformation, AI, and data advances to advance SDGs.
- Commits to enhancing global food security and nutrition per G20 Deccan High-Level Principles.
- Aims to accelerate progress toward the SDGs by using the G20’s convening power.
Green Development Pact for a Sustainable Future
- Approves a green development pact addressing environmental and climate change issues.
- Focuses on financing, reducing global greenhouse gas emissions, and eliminating plastic pollution.
- Aims for environmentally sustainable and inclusive economic growth and development.
Multilateral Institutions for the 21st Century
- Supports the restructuring of Multilateral Development Banks (MDBs) to address global challenges.
- Agrees on a framework for debt relief for Zambia, Ghana, and Ethiopia.
- Focuses on generating funding for development by strengthening MDBs.
- Advances international taxation discussions and information exchange on immovable properties.
Technological Transformation and Digital Public Infrastructure
- Recognizes the importance of digital public infrastructure (DPI) in societal development.
- Highlights India’s achievement in foundational DPIs such as UPI, Aadhaar, and secure data sharing.
- Discusses the creation of a Global Digital Public Infrastructure Repository (GDPIR).
International Taxation
- Reaffirms commitment to working toward a globally equitable international tax system.
- Reports substantial progress in the two-pillar approach for international taxation.
Gender Equality and Empowering Women
- Focuses on empowering women and girls as a fundamental goal.
- Launches the G20 Association for the Empowerment and Progression of Women’s Economic Representation (EMPOWER).
Financial Sector Issues
- Prioritizes climate finance and annual mobilization of $100 billion for developing countries.
Countering Terrorism and Money Laundering
- Denounces terrorism in all forms and acknowledges religions’ commitment to peace.
- Supports the Financial Action Task Force (FATF) and its regional bodies.
Creating a More Inclusive World
- Highlights the inclusion of the African Union as a permanent member of the G20.
- Launches the Millets and Other Ancient Grains International Research Initiative.
- Unveils a global rail and port agreement connecting the Middle East and South Asia.
- Discusses progressing toward a free trade agreement between India and the UK.
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