African Union formally took its seat as a new member of the G20 summit on an invitation of Summit Host, Prime Minister Narendra Modi and a consensus has been built on a New Delhi G20 leaders’ Summit Declaration.
It is indeed a proud moment for India to host the G20 Summit in New Delhi. This is the 18th Heads of State and Government Summit of the Group 20 Countries. With a theme of “Vasudev Kutumbakam” One Earth, one family One Future, the Summit commenced today. The theme declares the value of Human, Animal, Plant and other microorganisms present on Mother Earth and entire universe. India has hosted many events in the past but G20 is special as leaders from 29 countries are participating among which 20 are in the list of economically strong nations and from now African Union also formally joins G20. It is also a historical and path breaking moment for India when the New Delhi G20 Leaders Declaration is accepted with 100% consensus on all development and geo-political issues.
Main Focus on:
- Strong, Sustainable, balanced and inclusive Growth.
- Accelerating Progress on SDGs
- Green Development pact for a Sustainable Future.
- Multilateral Institutions for the 21st Century.
- Reinvigorating Multilateralism.
The aim of this G20 summit is to address the issues related to Global Economy, Lifestyle for Environment, Climate sustainability. The Working Groups will focus on Agriculture, digital economy, anticorruption, Education, Health, Trade and Tourism etc. There could be no better timing than this when India completes its 75 years of independence and establishes its democracy firmly. In this long journey of developing India, since independence, we have seen many new chapters in economic growth. Indian Prime Minister Narendra Modi sees G20 as a promotion of India on a Global stage. It is an opportunity to showcase India’s credentials and by this vision, India will achieve a status of “Developed Nation” by 2047. After welcoming the top world leaders, PM Modi called for “Global Trust deficit “into a relationship of trust.
The Modi government has started the planning of this summit almost a year back. There were over 200 meetings in various cities. The giant posters of Narendra Modi were displayed throughout the country. There were many campaigns in schools and colleges also. India has already established ties with developed nations and its partnership is still growing with many others. This G20 summit will appear to be a voice for the Global South conveying the needs of the developing countries to the western leaders.
What is G20?
G20 is a Group of 20 nations founded in the year 1999, it is an intergovernmental forum comprising of 19 countries and the European Union that meets to discuss the plans of Global economy. The group initial started with 22 members and grew to 33 in early 1999 and finalized on 19 countries and EU in September 1999. Argentina, Australia, Brazil, Canada, china, France, Germany, India, Indonesia, Italy, Germany, Mexico, Russia, Saudi Arabia, South Africa, Japan, Russia, South Korea, Turkey, US and UK and Spain is also invited. Together the member nations form 80% of the world economic output.
At the time of Financial Crisis G20 facilitates crucial cooperation between banks and finance ministers of the member countries. The focus of the member nations has always been more on strengthening domestic financial systems and combating terrorism financing.