The preparation for the G20 summit has begun in New Delhi. Many countries have shown willingness to attend the summit with the exception of China and Russia. The agenda is to strengthen economic cooperation and bring reforms to address the challenges in the global financial system.
The preparation for the G20 summit has begun, which shall be held on 9-10 September 2023 in New Delhi. G20 leaders have started to arrive in New Delhi, including Bangladeshi Prime Minister Sheikh Hasina, Argentine President Alberto Fernández, Japanese PM Fumio Kishida, British Prime Minister Rishi Sunak, Italian Prime Minister, Giorgia Meloni and IMF chief, Kristalina Georgiva.
G20 is a group of 20 most powerful countries that was formed after the Asian financial crisis of 1999. The states realised the need to boost international economic cooperation to counter economic challenges. The bloc is home to two-thirds of the world’s population and accounts for 75 percent of international trade.
Countries that form G20 include European Union, South Korea, United States, China, Russia, Japan, Indonesia, Italy, Saudi Arabia, Mexico, United Kingdom, South Africa, Brazil, Canada, Argentina, France, Germany, Australia, Turkey and India.
White House Press Secretary Karine Jean-Pierre stated, “While in New Delhi, President Biden will also commend Prime Minister (Narendra) Modi’s leadership of the G20 and reaffirm the US commitment to the G20 as the premier forum of economic cooperation, including by hosting it in 2026”. (The Wire)
The agenda of the summit will be centered around improving the global debt system, providing more loans to developing countries, regulating cryptocurrency, etc. White House statement further added, “President Biden and G20 partners will discuss a range of joint efforts to tackle global issues, including on the clean energy transition and combating climate change, mitigating the economic and social impacts of Putin’s war in Ukraine”. (The Hindu)
United States President, Joe Biden, and Canadian Prime Minister, Justin Trudeau have confirmed their attendance and are expected to arrive in New Delhi within a few hours.
On the other hand, President of China, Xi Jinping is not attending the summit. Two Indian officials have said that Premier Li Qiang might represent China although Biden wanted Xi to represent Beijing. (Reuters)
Similarly, Russian President Vladimir Putin shall not attend the summit as well. Instead, he will send Foreign Minister, Sergei Lavrov, to represent. On August 25, 2023, the Russian spokesperson stated that Putin would not be able to represent Moscow at the summit as he is concentrating on special military operations against Ukraine. Another reason is the International Criminal Court ‘s issuing of an arrest warrant to Putin for his war against Ukraine.
The bloc has also invited more countries for the summit which include, Egypt, Mauritius, Oman, Nigeria, Spain, Singapore, the United Arab Emirates, and Netherlands. Thus, G20 provides a platform for economic cooperation and also might provide an opportunity for developing nations to get loans easily and strengthen their economy.
