16TH G-20 SUMMIT: PEOPLE, PLANET & PROSPERITY

PERSPECTIVE : 16TH G-20 SUMMIT: PEOPLE, PLANET & PROSPERITY

Context:

The 16th G20 Summit was hosted by Italy in Rome. The theme chosen by Italy for their Presidency of the G20 is ‘People, Planet, Prosperity’ with a focus on four broad thematic areas-
Recovery from the pandemic and global health governance;
Economic recovery and resilience
Climate Change
Sustainable Development and Food Security.
PM Modi held a series of bilateral meetings on the side-lines of the G20 Summit and also paid a visit to Pope Francis.

Key Highlights:

Global Health Summit (in partnership with the EU), First ever G20 Joint meeting of the Foreign and Development Ministers, a standalone meeting of the Development Ministers focused on food security, the first meeting of G20 Research Ministers, a Ministerial Conference on Women’s Empowerment, a joint meeting of the Health and Finance Ministers.
Rome Declaration was adopted which called for promotion of strong multilateral cooperation towards ending the COVID-19 pandemic and supporting recovery, and to continue contributing joint efforts to better prevent, detect and respond to global health risks and emergencies.
On efforts to mitigate the pandemic, focus was on vaccine production and distribution, with assurances of support to WHO’s target of inoculating 40% of the global population by 2021.
Signed the ‘Matera Declaration on Food Security and Nutrition’ to address issues of food security, malnutrition, and hunger by focusing on transformation of the agriculture sector.
Also endorsed the Final Political Agreement on a two pillar solution to address tax challenges, marking the most significant global tax reform in over a century which will mandate multinational companies to pay a minimum tax of 15% in the countries of their operation.
Extraordinary Leaders’ Summit on Afghanistan to discuss the G20’s role in responding to the crisis in Afghanistan.
On climate change, G20 recommitted to providing $100 billion a year toward adaptation, mitigation, and green technologies, focusing on the needs of developing countries.

Rome Declaration: It is consists of 16 mutually agreed principles, which aims to guide joint action for preventing future health crises and to build a safer, equitable and sustainable world.

Supporting and enhancing the existing multilateral health architecture for detection, response, prevention and preparedness.
Working towards monitoring & implementation of multi-sectoral, evidence-based One Health approach in a bid to address risks emerging due to interface between human, animal & environment.
Fostering all-of-society and health-in-all policies.
Promotion of multilateral trading system
Enabling equitable, affordable and global access to high-quality, safe & effective health systems.
Supporting low and middle-income countries in a bid to build expertise, and develop local & regional manufacturing capacities.
Focus on data sharing, capacity building, voluntary technology and licensing agreements.
Enhancing support to existing preparedness and prevention structures.
Investing in worldwide health & care workforce
Investing in adequate resources, training, and staffing of diagnostic public & animal health laboratories.
Investments for developing and improving inter-operable early warning surveillance, information, and trigger systems
Investments in domestic, international & multilateral cooperation for the purpose of research, development & innovation
Increasing effectiveness of preparedness & response measures by extending support and promoting meaningful & inclusive dialogue
Ensuring effectiveness of financing mechanisms
Coordination on pharmaceutical and non-pharmaceutical measures and emergency response with respect to sustainable and equitable recovery
Addressing the need of streamlined, enhanced, sustainable and predictable mechanisms for financing pandemic preparedness, prevention, detection and response in long term.

About G20:

Group of G20 (G20) comprises Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Republic of Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, United Kingdom, and the United States along with the European Union.
G20 members currently account for more than 80% of world GDP, 75% of global trade, and 60% of the global population.
It was founded in 1999 after the Asian financial crisis as a forum for the Finance Ministers and Central Bank Governors to discuss global economic and financial issues.
The G20 was later upgraded to the level of Heads of State/Government and was designated the “premier forum for international economic cooperation”.
Since 2011, the G20 Summit is held annually, under the leadership of a rotating Presidency.

Organisational Structure:

G20 does not have a charter or a secretariat.
The Presidency, aided by the countries holding the Presidency before and after it (Troika), is responsible for setting the agenda of each year’s Summit.
The G20 process is led by the Sherpas of member countries, who are personal emissaries of the Leaders.
G20’s work is divided into two tracks: the Finance Track and the Sherpa Track.
There has been a tradition of inviting a few non-G20 member countries as guests as well international organisations. Spain is a permanent invitee.

Achievements for India at G20 2021 Summit:

India achieved major success as it, along with other developing nations, was able to introduce the language on what actions are required to be taken, especially by the developed countries, to achieve the energy and climate goals, according to people familiar with the development.
G20 committed to the key goal of limiting global warming to 1.5 degrees Celsius.
For the first time, G20 identified sustainable and responsible consumption and production as “critical enablers” in achieving the goal. The inclusion was in line with PM Modi's vision of promoting the mantra of sustainable lifestyles all over the world.
In a big win for farmers, India pushed for and was able to obtain a commitment from G20 nations on improving livelihoods for small and marginal farmers.

India and G20:

India has been a founding member of G20 process and has played an active role in proposing new ideas and finding solutions.
Some of the proposals that India made in the previous G20 summits:
International action on terrorism is needed.
Dealing with the economic offenders who often commit the crime in one country and flee to another to escape the legal process at home.
G20 has come up with the Base Erosion and Profit Sharing (BEPS) framework.
Although the benefits of digital technologies are well-known, there are certain issues such as privacy, data security and digital governance which are to be properly understood.

Importance of G20:

G-20 summit gives host countries a chance to push for progress on issues they care about. For example, Italy is keen on empowering women economically.
G20 works with developing countries, particularly low-income countries to support them in implementing their nationally driven policies and priorities to fulfil internationally agreed development goals.
G20 plays a critical role in creating an enabling environment for inclusive global growth and development.
Its work on ensuring financial stability, promoting growth and avoiding and managing crises is critical in supporting the opportunities.
Other issues it addresses include the advancement of women in the job market, the 2030 Agenda for Sustainable Development, climate change, global health, anti-terrorism and inclusive entrepreneurship, among others.

Achievements of G20:

Quick deployment of emergency funding during the 2008 global financial crisis.
Reforms such as BEPS project and implementation of tax transparency standards.
Improving oversight of national financial institutions.
G20 has taken many measures to support economies and supply chains during COVID.
G20 nations committed to pump more than $5 trillion into the global economy and contribute to the WHO-led COVID-19 solidarity response fund.
G20 played a critical role in the ratification of the Trade Facilitation Agreement.

Challenges faced by G-20:

South Africa still is the only African G-20 country, when it comes to climate issues, Africa is crucial.
G20 lacks an objective framework to set goals and measure progress toward them.
Not all resolutions passed at the G20 Summit are fully implemented as only 10% of world countries are included in G20 decision-making, thereby denting the organization’s authority.
G20 authority is also weakened since some major members sometimes fail to fulfil their commitments (e.g., the delay of the IMF reform due to resistance from the U.S. Congress).

Way forward:

A membership update could be useful, especially in view of the urgency to address climate change.
There should be continuity of issues taken up in the previous presidencies along with appreciation of new issues in the subsequent presidencies.
G20 should strengthen its ties with the UN to give the Organisation and all of its relevant institutions full agency in promoting development.
Redoubled efforts are also needed in fields like infrastructure and food security so as to address the North-South imbalance.

https://youtu.be/6B2Ao2sBBlc

https://www.mea.gov.in/Portal/ForeignRelation/G20_Brief_for_website_-_27.10__1___1_.pdf

https://www.g20.org/

https://www.hindustantimes.com/india-news/india-achieves-key-successes-at-g20-shapes-language-of-actions-required-101635690349645.html

https://www.firstpost.com/world/explainer-whats-so-big-about-the-g20-besides-economies-10095931.html

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