Special / Country longitude: G-20 and India

Context

The world is changing rapidly, as well as the world economy is changing with that same pace. It is inevitable to step in with a global economy that moves in a turbulent period. Maintaining harmony as well as maintaining the development norms is no less than a challenge. It is very important to have mutual dialogue and better coordination between developed and developing countries in such an environment, and this is what a global economic platform like G-20 has been envisaged. After coming into being in September 1999, G-20 has now become the world's most powerful economic platform. It is a platform that believes in diversity and completeness. This time the 13th Summit of the G-20 was concluded in Argentina's capital Buenos Aires. Prime Minister Narendra Modi took part in this conference from India.

Background

• After a major Asian financial crisis in 1997, it was decided that the world's leading economies should be united.
• For this, the need to organize a meeting of the governors of the finance ministers and central banks of these countries was felt to avoid any kind of financial crisis.
• It was founded in 1999 by foreign ministers of 7 countries of America, Canada, UK, Germany, Japan, France and Italy.
• The purpose of G-20 was to manage global finance. After the 2008 global financial crisis, the meetings of the prime ministers and presidents of these countries began.
• The UN, IMF and World Bank staff are permanent and have headquarters, while G-20 does not consist of permanent staff and neither is its head quarters. This is just a forum.
• This global economy includes issues related to financial markets, tax, fiscal policy, economic run-offs. Apart from this, topics related to agriculture, employment and energy are also included.
• Environment and sustainable development are also major issues involved in the G-20.
• This group has control over 85 percent of the world economy and 75 percent of the business.

an objective

• The G-20 was formed in order to support the international policy between member countries, improve international financial structure, measures to avoid global financial crisis, promote economic development and sustainable development of member countries.
• The goal of this organization is to develop developed and developing countries on one platform and to try to make common opinion on the economic issues of the world.

The main issue of G-20 Summit

• The 13th Summit of G-20 is very special in many ways. During this conference, discussions on the methods and solutions to tackle the new challenges of the coming decade have also been discussed with the review of the works of G-20 which came into existence 10 years ago by the leaders of this group.
• This theme of theme conference of the G-20 summit this time is "Building Consenus for Fare and sustainable development".
• During this, the issue of global economy, future of labor markets and gender equality was discussed by leaders of the countries gathered in the G-20 Summit.
• Apart from this, this time agenda includes macro economic policy, digital economy, reform in the WTO, financial regulation, taxation and business issues.
• Simultaneously, the main focus of the conference is on infrastructure and food security for future development.
• The issue of tariff imposed by US President Donald Trump on the import of major business partners, especially China, has been the subject of discussion.
• Both Donald Trump and Chinese President Xi Jinping joined the conference.
• The US recently had about $ 250 billion of tariffs on items imported from China, which China had strongly opposed.
• China hopes to convince the United States to reduce the tariff. The United States has announced that it will increase tariffs on Chinese items to 25 percent, while China wants that tariff rates are up to 10 percent.
• At present, there is a dispute between China and the United States, especially in the changing situation of the world, especially for the commerce. It is the world's view on whether this could worsen the economic situation.
• In 2008, when the G-20 was envisaged, the world was going through a crisis, because the economic situation in the US was poor and the love charity that G-20 leaders took to make it better was called 'Sustainable Development for' All was the main agenda.
• Look at today's date, there is a dispute between China and the United States, and President Donald Trump has said that he will still pay a tariff, this conference is also important from this point of view.

India's main issues

• During the conference, a revised North American Free Trade Agreement was signed between the United States, Mexico and Canada, which has been named as United States-Mexico-Canada Agreement.
• Along with this, the Intermediate Range Nuclear Forces Treaty was discussed between the US and these countries.
• During the conference, its member countries have been given the message of taking bold steps to deal with the problems arising from climate change and inequality.
• If you talk about India, India has been prominently involved in all the G-20 conferences from the beginning. This time in the summit, India's key issues include stability in oil prices, prevention of intimidating funding and the issue of money laundering.
• Apart from this, the issue of reform in the WTO is also included in the agenda of India. India wants G-20 not to be a trade issue, whether it is between two countries or between other countries.
• The world's eyes look at India by coming in at 77th with the jump of 23 points in the list of Issue of Doing Business issued by the World Bank last month.
• Last year, T-20 countries also said that India's contribution to sustainable and inclusive growth of India and India's contribution to the global economy was important.
• Action on Global Economy, Sustainable Development, Climate Change and Fugitive Economic Offenders There are some issues from which the interest of the whole world is linked. India believes that cooperation between member countries should increase on these issues.

G-20 summit: key point

• The G-20 is a group of EU and 19 major economies of the world. Its members are among the world's most powerful and richest economies.
• The two-day conference was started on 30 November, India was represented by Prime Minister Narendra Modi at this conference.
• In the conference, American President Donald Trump, Russian President Vladimir Putin, British Prime Minister Theresa May, Chinese President Xi Jinping, French President Emmuel Macran, German Chancellor Angela Merkel, Canadian Prime Minister Jastin Trudo, Japan Prime Minister Shinzo Abe Country Argentine President Mariuscio McRae took part.
• Apart from this, United Nations Secretary-General Antonia Kotrej has also joined.
• For the first time in this group's history, its Summit is being held in a South American country.
• Prime Minister Narendra Modi joined the informal meeting with the leaders of BRICS countries in Buenos Aires. In it he said that BRICS countries are eager to cooperate in the new industrial revolution.
• Apart from India, BRICS countries include Brazil, Russia, China and South Africa.

Why is the G-20 Summit of 2018 important to India?

• Apart from the G20 Summit, many countries also held meetings. For example, there was a trilateral dialogue between India and China and Russia 12 years later. In this sense, this summit in the Argentine capital was very important.
• India again raised the issue of security and terrorism from this global platform, it underlines the concern of India.
• The issue of terrorism is a serious matter for India because for a long time, India is facing the threat of cross border terrorism from neighboring Pakistan. How Pakistan is spreading terrorism in Kashmir and Punjab in India and has been misbehaving in the world against India regarding Kashmir, it is not hidden from anyone. In this way, India's concern against terrorism from the global stage is justified.
• India has emphasized the strengthening of the anti-terrorism structure of the United States so that money can be banned for the purpose of procurement of arms to the terrorists.
• There was also a great achievement that leaders from India, Russia, and China were discussed separately from the summit, in which multilateral trading system and free economy were discussed.
• On the issue of climate crisis, India strongly endorsed it, which is a clear message for leaders of large countries that if they continue to blame the world's small and poor countries for the crisis, then instead of solving the crisis, Will grow.
• China and the United States were at the peak of the summit. China has become such a superpower in the world that is openly challenging to the United States. Trade war between the two countries has made everyone's sleep. China's relations with Russia are increasing the problems of America.
• The conference has also been important for India due to the fact that the meeting of the G20 meeting in 2022 has come in its share.

India's 9-point agenda agrees

India has had concrete success in the exercise of establishing international cooperation to crack down on fugitive economic criminals. In the G-20 meeting, there has been consensus among the member countries about the 9-point action plan introduced by Prime Minister Narendra Modi. These are-

1. In order to deal jointly with fugitive economic criminals, platforms for effective and active cooperation process between G-20 countries.
 
2. Cooperation between member countries for legal action against such criminals and their immediate extradition.
 
3. G-20 countries should make such a structural mechanism that fugitive financial criminals can prevent entry of each other's country. No country will make safe haven for them.
 
4. United Nations principles apply effectively in respect to international cooperation against corruption.
 
5. Through the International Financial Action Task Force (FATF), there will be a system that can exchange information between the concerned institutions and the Financial Intelligence Unit at the right time.
 
6. FATF should be given the responsibility to determine the definition of fugitive economic offenders.
 
7. FATF should be standardized for identification, extradition and action against the criminal offenders on whom G-20 countries agree on all.
 
8. Prepare the platform to share experiences of extradition and legal issues in the existing rules and the issues of successful extradition to each other.
 
9. Attempts to find out the property of financial criminals fugitive by the G-20 forum should be considered so that the outstanding debts can be collected from the criminals.

Some achievements of G-20

• Major achievements of G20 include a quick mechanism of emergency financing during the 2008 financial crisis.
• It also works for reforms in international financial institutions by improving the monitoring system of national financial institutions.
• In the last few years G-20 has also become a platform to discuss almost all issues affecting the world.

G-20 thinking and his journey

• G-20 is the name of the organization of the most powerful and developing countries in the world, including industrial countries like America and Germany, as well as economies like Brazil and China.
• Indeed, G-20 is a major platform for 19 economies and EU governments to cooperate on international and financial issues.
• G-20 countries represent about 90 percent of the global GDP, 80 percent of global trade and two-thirds of the world's total population.
• After the first Asian crisis of 1997, many countries of the world felt it needed.
• The 19 major economies and the EU finance ministers and central bank governors formed G-20 in September 1999.
• It has a mixed representation of developed and emerging economies. These countries of the world share this platform to deal with any economic crisis and discuss the improvement of the world's financial health.
• The first meeting of the G-20 was held in Berlin in December 1999, after which the first summit of the G-20 was held in 2008, in view of international consensus and political will to deal with the global financial crisis.
• In this summit, the leaders expressed confidence that the market is full of free trade and investment systems.
• Regulated financial markets promote mobility, innovation and entrepreneurship. Through this, there will be a lot of help in the development of economic growth, employment and poverty alleviation.
• In 2008, it was noticed that financial stability could be brought in, but in the last 10 years it has been seen that its scope has increased very much. It has also added tax, financial transactions, climate change, business and development issues. All these issues are being discussed.
• G-20 involves South Africa from the African continent, then Canada, Mexico and United States on behalf of North America, countries like Argentina and Brazil from South America.
• Three countries from East Asia are China, Japan and South Korea. From South Asia, there are three countries, namely China, Japan and South Korea from Indonesia and Middle East Asia. India represents South Asia. Saudi Arabia from Southeast Asia, Indonesia and Middle East Asia.
• Apart from Russia and Turkey from Eurasia, European Union from Europe, France, Germany, Italy and Britain are its members. Oceania involves Australia.
• G20 seeks advice from many international organizations such as the Financial Stability Board, International Labor Organization, United Nations, International Monetary Fund, Economic Cooperation and Development Organization, United Nations, World Bank and World Trade Organization.
• Representatives of these organizations are invited to key meetings of the G-20.

Conclusion

The outcome of the G-20 summit meeting that took place between global politics and turmoil in the economy is positive for India. In addition to the challenges of US President Donald Trump's protectionism and the US-China trade war, economic sanctions, oil price fluctuations, problems of the EU, turmoil in different parts of the world and deeper refugee problems, The eyes were restless. However, no major announcement has been made by the Heads of State Heads and Government that are participating in it, on the basis of which immediate results can be reached, but the agreements that have been reached and solidarity have increased, the expectations of better future have surely increased. America and China have temporarily suspended the competition for tariffs, then America, The new agreement between Mexico and Canada has been signed. In the changing environment of the world, interaction and synergy among developing countries is very important for economic development. In this way, many countries can not only face global challenges by mutual cooperation and understanding but can also make themselves financially strong.