G20 Summit: Issues ranging from cryptocurrency to climate financing will be discussed, read report - Newztezz Online


Friday, September 8, 2023

G20 Summit: Issues ranging from cryptocurrency to climate financing will be discussed, read report

From September 9, all the G20 members will talk on many issues and reach mutual consensus. In which the most important issue may be regarding creating a global framework regarding cryptocurrency. Apart from this, other issues can also be discussed.

The G20 summit is going to be held on September 9-10 under the chairmanship of India, in which many global issues will be discussed. During this time, India's focus may be on issues such as cryptocurrency regulation, multilateral development bank reform, advancing digital public infrastructure, climate financing, debt relief framework for distressed countries and reforming the global value chain. There can also be a discussion about the Russia-Ukraine crisis and the subsequent global food and energy insecurity. The summit being held in New Delhi is expected to have a presidential summary like the 'G20 Bali Summit'. The event will conclude with India handing over the reins of the G20 to Brazil, the host of the next summit.

The absence of Russian President Vladimir Putin and Chinese President Xi Jinping in the list of global leaders arriving in Delhi highlights the lack of consensus on certain topics. Although the representatives of these countries are definitely participating. As leading nations meet as the Russia-Ukraine crisis continues, concerns about the global economic recovery, supply chain disruptions, inflation management and monetary tightening have dominated most of the discussions, with opinions varying across countries. Has been seen.

The chairmanship will officially end with the fourth and final FMCBG meeting in Marrakesh, Morocco, where the report of the Expert Group on MDB reforms and the expansion of their lending capacities will be discussed. The 'Multilateral Development Bank Capital Adequacy Framework', developed under the auspices of the G20, proposed that $200 billion of additional lending capacity could be provided by MDBs over the next 10 years.

Talking about other notable results, in August, in the meeting of trade ministers under the leadership of Union Commerce Minister Piyush Goyal, it was agreed to establish 'Jaipur Call for Action'. This includes creating a database of information aimed at helping MSMEs. The Trade and Investment Group also decided to undertake mapping of global value chains and set principles for digitalization of international trade. In the context of the Sherpa track, India in the G20 group can get the African Union (a group of 55 countries) included as a member of the G20, provided the leaders sign it.

Picking up from the final draft of the Leaders' Declaration held in Hampi in July, the Sherpas and heads of delegation included six priorities. This included Sustainable Development Goals, Green Development, MDB Reform, Digital Public Infrastructure and Gender Equality based on the outcomes of various working groups.

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