IES's Management College and
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Bharat's Successful G20 Presidency Yields Key Takeaways

Saurabh Paradkar
October 15, 2023

The 18th G20 Leaders' Summit took place in New Delhi, Bharat, concluding on September 10, 2023. This gathering brought together leaders from the world's 20 largest economies to discuss critical global issues, including the global economy, climate change, food security, and global health. Despite ongoing geopolitical tensions, the summit managed to make significant progress on several key issues. Here are the key takeaways:

Addressing the Impact of the Ukraine War

• The Ukraine war dominated discussions at the summit.

• Leaders condemned the war and called for an immediate cessation of hostilities.

• Expressing concern about the humanitarian crisis in Ukraine, they pledged to continue providing support.

• While consensus on further sanctions against Russia wasn't reached, leaders agreed to collaborate in mitigating the war's global economic impact.

Advancing Climate Action

• Leaders reaffirmed their commitment to the Paris Agreement.

• Agreed to take more substantial action to combat climate change.

• Pledged to triple renewable energy capacity by 2030 and phase out unabated coal power.

• Committed to mobilising $100 billion annually in climate finance for developing nations.

Promoting Food Security

• Concerns were expressed about the growing food security crisis due to the Ukraine war, climate change, and supply chain disruptions.

• Leaders agreed to improve food production, distribution, and access.

• Pledged support for initiatives addressing food waste and loss.

Strengthening Global Health

• The COVID-19 pandemic and global health preparedness were discussed.

• Support for the World Health Organisation's efforts to enhance pandemic prevention, detection, and response was agreed upon.

• Equitable access to vaccines, therapeutics, and diagnostics was emphasised.

Promoting Sustainable Development

• Sustainable development and the 2030 Agenda were discussed.

• Leaders committed to actions promoting inclusive and sustainable growth, poverty and inequality reduction, and environmental protection.

The India-Middle East-Europe Economic Corridor (IMEC)

One significant announcement at the G20 Summit 2023 was the launch of the India-Middle East-Europe Economic Corridor (IMEC). This ambitious project aims to create a new trade and logistics corridor connecting India, the Middle East, and Europe. The IMEC includes:

• A railway

• A pipeline

• A fiber optic cable

• Industrial parks and special economic zones

The IMEC is expected to:

• Boost trade and investment

• Create jobs

• Promote economic growth in participating countries

The IMEC aligns with India's Act East policy, providing direct access to the Middle East and Europe, diversifying trade and export markets, and securing energy supplies through its pipeline component.

This visionary project represents India's growing economic and strategic significance and demonstrates the power of international cooperation. Together, nations can achieve remarkable outcomes.

Other Achievements

• Digital Transformation: Leaders discussed opportunities and challenges posed by digital transformation, focusing on digital inclusion, cybersecurity, and responsible AI.

• International Financial Architecture: Discussions centred on reforming the international financial architecture for resilience and inclusivity. Strengthening financial regulation and supervision and promoting financial access for developing countries were agreed upon.

• Gender Equality: Leaders reaffirmed their commitment to gender equality and women's empowerment, with steps outlined to promote women's workforce participation, close the gender wage gap, and address gender-based violence.

The G20 Summit 2023 provided an essential platform for global leaders to tackle pressing challenges. Outcomes reflect a shared commitment to creating a more prosperous, sustainable, and inclusive future. However, the real work lies in translating these commitments into concrete actions. G20 members must now follow through on these outcomes to ensure effective implementation.

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