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Brazil urges ‘new globalization’ at G20 meet  

Brazilian officials said they were working on a compact final statement that would steer clear of divisive issues such as the Ukraine and Gaza wars….reports Asian Lite News

Brazil called for a “new globalization” to address poverty and climate change as finance ministers from the world’s top economies met Wednesday, but the Ukraine and Gaza wars risked overshadowing the plea.

“It is time to redefine globalization,” Brazilian Finance Minister Fernando Haddad told his counterparts from the Group of 20 leading economies, opening their first meeting of the year in Sao Paulo.

“We need to create incentives to ensure international capital flows are no longer decided by immediate profit but by social and environmental principles,” said Haddad, who gave his speech remotely after coming down with Covid-19.

The meeting, which follows one by foreign ministers in Rio de Janeiro last week, will lay the economic policy groundwork for the annual G20 leaders’ summit, to be held in Rio in November.

Brazilian officials said they were working on a compact final statement that would steer clear of divisive issues such as the Ukraine and Gaza wars.

“We know the world is going through a tense geopolitical moment,” said finance ministry executive secretary Dario Durigan.

But “there’s consensus on the economic issues,” he told journalists. “The whole world speaks the same economic language.”

Brazilian President Luiz Inacio Lula da Silva wants to use the rotating G20 presidency this year to push issues like the fights against poverty and climate change, reducing the crushing debt burdens of low-income nations, and giving developing countries more say at institutions like the United Nations.

International Monetary Fund chief Kristalina Georgieva called for bolder climate action, urging countries to accelerate emissions cuts, end fossil fuel subsidies — which reached an estimated $1.3 trillion worldwide last year — and massively mobilize climate financing.

“The climate crisis is already upon us, and we have to admit we have been a bit slow to address it,” she said at a panel discussion on the sidelines of the meeting.

Also on the agenda: increasing taxes on corporations and the super-rich.

“We need to ensure the billionaires of the world pay their fair share of taxes,” said Haddad.

French Finance Minister Bruno Le Maire backed that call, telling journalists that Paris is pushing to “accelerate” international negotiations on a minimum tax on the ultra-wealthy.

However, Durigan said the issue was unlikely to make it into the final statement. Even before the meeting opened, the conflict in Ukraine took center stage.

The Group of Seven countries — Britain, Canada, France, Germany, Italy, Japan and the United States, plus the European Union — held their own meeting on the sidelines to discuss shoring up Western support for Kyiv.

Officials said the meeting — attended remotely by Ukrainian Finance Minister Serhiy Marchenko — focused on proposals to seize an estimated $397 billion in Russian assets frozen by the West.

US Treasury Secretary Janet Yellen said Tuesday the issue was “urgent.” But there were divisions among G7 members.

“I want to be very clear: We don’t have the legal basis for seizing the Russian assets now. We need to work further… The G7 must act abiding by the rule of law,” said France’s Le Maire.

ALSO READ: Brazil Slams UNSC’s ‘Paralysis’ on Gaza, Ukraine

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G20 finance leaders eye regional ‘conflicts’ in draft communique

Brazil’s coordinator of the finance track at G20, Tatiana Rosito, said on Tuesday that the group is moving towards a short communique that reflects Brazilian priorities. …reports Asian Lite News

Group of 20 finance leaders are expected to make a passing reference to regional conflicts in assessing global economic risks, according to a draft version of the communique seen by Reuters, due to deep divisions over wars in Gaza and Ukraine.

The draft communique, far shorter than previous years as host nation Brazil works to sidestep geopolitical controversies, also said the likelihood of a soft landing in the global economy has increased, but uncertainty remains high. 

“Risks to the global economic outlook are more balanced,” with faster-than-expected disinflation and more growth-friendly fiscal consolidation underpinning growth, the draft said. 

After a gathering of foreign ministers in Rio de Janeiro last week focused on deep divisions over Russia’s invasion of Ukraine and Israel’s bombardment of Gaza, G20 finance officials are expected to set aside geopolitics and focus on global economic issues as they gather in Sao Paulo this week. 

The draft communique that deputy finance ministers have been revising reflects a delicate effort to acknowledge regional conflicts while maintaining consensus, which Brazil has emphasized during its presidency of the G20 major economies. 

“Among the downside risks to the global economy are [wars and] escalating conflicts, geoeconomic fragmentation, rising protectionism and trade routes disruptions,” the draft communique said. 

The reference to “wars” in brackets reflects efforts to reach a consensus on the final language, said a person familiar with the matter. 

Brazil’s coordinator of the finance track at G20, Tatiana Rosito, said on Tuesday that the group is moving towards a short communique that reflects Brazilian priorities. 

Rosito, the International Affairs secretary at the Finance Ministry, also told a briefing there was no concrete proposal on the table for debt negotiation, adding that the idea is to create “a new momentum” to advance the issue, including the discussion of preventive mechanisms. 

Brazil’s President Luiz Inacio Lula da Silva is also pushing to give developing nations of the Global South more voice in G20 meetings during Brazil’s presidency, reflected in the draft communique’s focus on addressing hunger, poverty and inequality. 

Finance officials and central bankers from the G20 are meeting to review global economic developments at a time of slowing growth, the increasing strains of record debt burdens, and worries that inflation may not yet be tamed. 

In the draft communique, the G20 finance leaders gave an optimistic view on the outlook for price pressures. Inflation has receded in most economies, they said, thanks in part to “appropriate” monetary policies, easing supply chain bottlenecks and moderating commodity prices. 

The priority for central banks is still to ensure that inflation converges to target “in line with their respective mandates,” the draft communique said.

The draft also said the G20 group reaffirms their existing exchange-rate commitment, which warns against excess volatility and volatile currency moves as undesirable for economic growth.

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Hacked made 16 lakh attacks per minute on India’s G20 site  

As per cyber experts, non-national threat actors send Distributed Denial of Service (DDoS) to disrupt and try to sabotage any site. These attacks could have originated from foreign countries…reports Asian Lite News

The Indian cybersecurity sector repelled numerous cyberattack attempts on the G20 portal during the summit and 16 lakh DDoS attacks per minute peaked at some point.

Indian Cybercrime Coordination Centre (I4C) CEO Rajesh Kumar made the revelation during the annual conference. The I4C wing, which was established by the Ministry of Home Affairs, aims to provide a framework and eco-system for Law Enforcement Agencies (LEAs) to deal with cybercrime in a coordinated and comprehensive manner.

Responding to a query, Kumar said per minute, 16 lakh attacks were noted on the G20 account during the summit, and it started soon after the website was up and the attacks peaked during the summit.

He further clarified that the I4C, with the help of multiple Indian agencies concerned, managed to thwart these attacks and keep the website safe.

The officer raised concerns about some non-national foreign threat actors operating through the Virtual Private Network (VPN), showing their attempts from China, Cambodia and Malaysia. But he said it is very difficult to say the exact place, as VPN networks disguise the identity of the hacker’s real place.

As per cyber experts, non-national threat actors send Distributed Denial of Service (DDoS) to disrupt and try to sabotage any site. These attacks could have originated from foreign countries.

The G20 summit was the eighteenth meeting of the G20. It was held in Delhi’s Bharat Mandapam International Exhibition-Convention Centre on September 9-10 last year.

Addressing the conference, Kumar also said more than 31 lakh cybercrime complaints have been registered so far on the National Cybercrime Reporting Portal (www.cybercrime.gov.in) since it was launched in August 2019.

Based on these complaints, he also said that more than 66,000 FIRs have been registered by Law Enforcement Agencies of states and union territories.

The officer said that an analytical report on the modus operandi of the top 50 cyber-attacks has been prepared by the I4C wing during 2023.

With the help of National Cyber Helpline Number 1930, Kumar said, the concerned agencies helped save over Rs 1,100 crore in defrauded money in three years by benefiting 4.3 lakh victims. (ANI)

ALSO READ-G20 Summit: India’s Diplomatic Pinnacle in 2023

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‘India’s G20 presidency diplomatic achievement of 2023’

India assumed the G20 Presidency on December 1, 2022…reports Asian Lite News

External Affairs Minister (EAM) S Jaishankar on Sunday said India’s G20 presidency was its diplomatic achievement of the year.

“The G20 in many ways has been the diplomatic achievement of this year. Not just because we could get everybody to agree but on what we agreed on,” the EAM said in his address at the Rotary Institute 2023 event in Bengaluru.

He said that through its G20 Presidency, India was able to get the most powerful countries of the world to show a new commitment to sustainable development and promoting green growth, ensuring international institutions like the World Bank and IMF would lend more prolifically.

He said the G20 is like the World Cup of diplomacy, where the biggest and strongest players come together. The most influential, powerful, and consequential countries of the world were gathered round the table

“When we took the presidency, people did not have many expectations out of it. Through our G20, we bridged all the divides, found a common ground for countries which were otherwise arguing among themselves, who found it very difficult to reconcile. But, we were able to bridge it,” the EAM said.

The 18th G20 Leaders’ Summit was held in New Delhi on September 9 and 10. It saw the unanimous adoption of the G20 New Delhi Leaders’ Declaration, which demonstrated the commitment of the G20 leaders to address global challenges in an inclusive, decisive and action-oriented manner.

New Delhi, Nov 22 (ANI): Prime Minister Narendra Modi delivers opening remarks at the Virtual G20 Leaders’ Summit, in New Delhi on Wednesday. (ANI Photo)

India assumed the G20 Presidency on December 1, 2022.

Meanwhile, EAM Jaishankar further said that what India has done in the past decade is actually the foundation of what lies ahead. “So, there is a direct connection between our achievements, capabilities, aspirations and dreams,” he said.

He said that in the last 10 years, there have been some “challenges, some opportunities and some achievements.”

“So in many ways, they represent all-round progress, they also tell us what lies ahead of us,” he said.

The EAM also talked about the COVID-19 pandemic. He said: “It was called a once-in-a-century happening. I saw the rapidity of the Indian health system. As a society, as a nation, we were able to cope with it and meet the challenging capacities at a very rapid pace.” (ANI)

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Sitharaman Applauds G20 for Africa Inclusion

New Delhi, Sept 9 (ANI): Prime Minister Narendra Modi embraces African Union President and Comoros President Azali Assouman as he warmly invites him to join other G20 leaders as the African Union becomes a permanent member of the G20 during the G20 Summit, as Brazilian President Lula da Silva looks on, at Bharat Mandapam, Pragati Maidan, in New Delhi on Saturday. (ANI Photo)

Sitharaman said the G20 must keep working to put forward the concerns of the Global South…reports Asian Lite News

Union Finance Minister Nirmala Sitharaman expressed that during India’s Presidency, the G20’s decision to include the African Union demonstrates the forum’s commitment to taking meaningful actions.

Addressing the Global Economic Policy Forum 2023, Sitharaman said, “The inclusion of Global South, meaning the voice of the Global South was heard prior to the G20 Presidency by the honourable Prime Minister of India, and post that, making sure that the agenda that India Presidency puts forward in the G20 would reflect the concerns of the Global South have all shown that if there is will and if there is concerted action, if there is consensus, an intent getting converted to action, then it is possible.”

“The entry of the African Union into the G20 during the India Presidency showcases that the G20’s will to act was there, it translated into action, and therefore, you saw the entry of the African Union into the G20. I am indeed grateful to the entire G20 membership for having enabled that,” she added.

Prime Minister Narendra Modi, in his opening remarks at the 18th G20 Leaders’ Summit, invited the African Union, represented by Chairperson Azali Assoumani, to take a seat at the table of G20 leaders as a permanent member.

The Union Minister for Finance and Corporate Affairs, Smt. Nirmala Sitharaman addressing at the ICRIER’s 14th Annual International G20 Conference on ‘Crafting an Indian narrative on Resilient, Inclusive and Sustainable Economy’, in New Delhi on November 01, 2022.

Stressing that thought engines cannot remain in one corner of the world where the Global South cannot reach, Sitharaman said, “So, with this kind of a background, if thought, engines will have to exist something global growth engines can be in emerging market economies, but thought engines will also have to contribute to it. And if thought engines have to contribute, they can’t be some way exclusive in one corner of the world, where the South doesn’t reach.”

Sitharaman said the G20 must keep working to put forward the concerns of the Global South, adding, “And therefore, this attempt of the CII, particularly immediately after the G20 India Presidency, and particularly after the African Union’s entry into the G20 is just the right thing to do, and I’m indeed grateful, therefore, for all of you who have come over here to participate in this. It is going to be absolutely necessary.”

“To keep this momentum up, not just just one year. For the next few years, we have to persist on this job of putting forward the concerns of the Global South. In both the development and development-related actions, and also in those actions which are going to be global but which will have a bearing on all of us top of the agenda being climate action,” she added.

Also alluding to the role of women for their contribution to the economy and society, she said the Centre was supplying drones and related technology to women in rural areas for sustainable agricultural practices.

“We need more women in policy-making, businesses, board rooms, shop floors, etc. Today, India is supplying drones & related technology to women in rural hinterland for sustainable agricultural practices. These ‘Drone Didis’ are going to take care of Mother Earth, help produce more crops & master the technology of maintaining as well as operating the drones for agricultural purposes,” a post on X by Sitharaman’s Office quoted her as saying at the event.

Sitharaman stressed events like these should be held annually as it would provide a platform for greater discussion by thought leaders on setting the agenda on where the world would move in the next 25 years and in which issues related to the Global South would find resonance.

She made these remarks during the inaugural session of the Global Economic Policy Forum 2023, organised by the Department of Economic Affairs, Ministry of Finance and the Confederation of Indian Industry (CII).

She said while there is no doubt that each country will have an agenda that is specific to its needs, it was necessary for all voices to be heard and issues for greater inclusion of the Global South should gain traction for them to emerge as the next growth engines after the Covid-19 pandemic and amid the ongoing military conflicts.

Noting that base energy cannot be fully replaced with renewable energy, she called transitional energy a big challenge.

She stated that India is rapidly moving in the renewable energy space, particularly solar energy, through conducive policies and called the International Solar Alliance a big initiative on grid connectivity.

The Union Finance Minister called for a globally connected grid that would draw on solar power from anywhere in the world.

On the increasing use of technology and the digital revolution in India, Sitharaman spoke about the major strides the country has made in the digital space, adding that it stands out for its importance in eliminating corruption so that the common man becomes the ultimate beneficiary and it provides local artisans with access to global markets.

CII President R Dinesh underlined the work on creating a growth map during B-20, India’s digital journey focusing on the Global South, sustainability initiatives and support to be provided to small and medium businesses and Sustainable Development Goals (SDG) financing in his address at the event. (ANI)

ALSO READ: Nirmala calls for supplementing G20 initiatives on debt crisis

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India’s G20 presidency impressive on SDGs, says OECD Sherpa

Further highlighting the inclusion of the African Union as a permanent G20 member, Schaal said that it is important to increase African voices….reports Asian Lite News

India’s presidency was “really impressive” on the SDGs, Digital Public Infrastructure, development and climate finance among others, Organisation for Economic Co-operation and Development (OECD) Sherpa, Andreas Schaal, said here on Sunday.

“I think India’s presidency delivered impressive results. We are living in complex geopolitical challenges, and at this moment, it’s crucial to keep formats like the G20 together and actionable. India’s presidency was really impressive on the SDGs, Digital Public Infrastructure, development, climate finance…,” OECD Sherpa for the G20, G7 and APEC told ANI.

Further highlighting the inclusion of the African Union as a permanent G20 member, Schaal said that it is important to increase African voices.

He added that the OECD has also signed an MoU with the African Union to deepen their exchanges.

“We always supported the African Union being the 21st member of the G20… So I think it’s important to increase African voices. We also at the OCD have just signed an MoU with the African Union to deepen our exchanges. We have signed an MoU, a joint work programme with South Africa. So we are also expanding our reach and cooperation. And that’s why we’re very delighted to see the African Union around the table,” Schaal told ANI after addressing on Day 2 of the Cape Town Conversation event.

The African Union is a continental union consisting of 55 member states located on the continent of Africa. The move to include the African Union in the G20 grouping was proposed by Prime Minister Narendra Modi earlier this June.

PM Modi in his opening remarks at the 18th G20 Leaders’ Summit, invited the African Union, represented by Chairperson Azali Assoumani, to take a seat at the table of G20 leaders as a permanent member.

“With everyone’s approval, I request the AU head to take his seat as a permanent G20 member,” Modi said in his address.

Following PM Modi’s announcement, External Affairs Minister S Jaishankar accompanied the President of the Union of Comoros and Chairperson of the African Union (AU), Azali Assoumani, as he took his seat among world leaders.

Moreover, OECD Sherpa Schaal emphasised that climate and SDG finance are the crucial challenges of their times.

“We lost during COVID-19 quite a number of resources to finance the SDGs. For the COP and for climate, we are tracking the 100-billion-dollar commitment of advanced economies to developing countries. We are showing that there is progress. We are showing that there’s still a bit more to be done,” he stated.

He further said that he is working with the respective presidencies of India and Indonesia to develop G20 blended finance principles.

“We believe it’s crucial and we are also serving as secretariats for the Paris Finance Summit to bring more private capital into the game, to leverage public and private money and that’s why I’ve been working with the respective presidencies of Indonesia and India to develop G20 blended finance principles to work on that,” he added. (ANI)

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Modi expresses India’s full support for Brazil’s G20 Presidency

The Prime Minister said India will extend its full support for the success of Brazil’s G20 Presidency…reports Asian Lite News

Prime Minister Narendra Modi on Wednesday expressed confidence that G20 will continue to move forward with a “human-centric approach” under Brazil’s G20 Presidency and that members of the grouping will give priority to food security, health security and sustainable development.

In his closing remarks at the virtual G20 summit, Prime Minister Narendra Modi also expressed confidence that G20 will continue to work for the expectations of the Global South.

He extended his good wishes to Brazil President Luiz Inacio Lula da Silva for G20 Presidency and said he is confident that “G20 will continue to move forward with a human-centric approach”.

The Prime Minister said India will extend its full support for the success of Brazil’s G20 Presidency.

He also said that G20 members will come together in the spirit of ‘Vasudhaiva Kutumbakam’ to pave the way forward for global peace and stability.

“We will continue to work for the expectations of Global South. We will give priority to food security, health security and sustainable development. Along with climate action, we will work towards just, easy and affordable climate finance,” the Prime Minister said.

The virtual G20 Summit was held under the chairmanship of PM Modi.

The 18th G20 Leaders’ Summit was held in New Delhi on September 9 and 10. It saw the unanimous adoption of the G20 New Delhi Leaders’ Declaration which demonstrated the commitment of the G20 leaders to address global challenges in an inclusive, decisive and action-oriented manner.

At the closing session of the Leaders’ Summit, PM Modi had suggested to the G20 leaders to reconvene virtually towards the end of India’s G20 presidency period to take forward the guidance provided by the participating leaders in their interventions.

India assumed G20 Presidency on December 1, 2022, and it will continue till November 30. (ANI)

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EU chief congratulates Modi for successful G20 presidency

The 18th G20 Leaders’ Summit was held in New Delhi on September 9 and 10…reports Asian Lite News

The President of the European Union, Ursula von der Leyen, extended warm congratulations to Prime Minister Narendra Modi for the successful culmination of India’s G20 Presidency.

Taking to X, she expressed appreciation for the inclusivity and effectiveness of debates under India’s leadership. Notably, Von der Leyen welcomed the African Union’s historic participation as a full member in today’s (Wednesday) proceedings, adding a significant layer of diversity to the discussions.

In her post, Von der Leyen said, “Congratulations @narendramodi for a successful Indian @g20org Presidency. I welcome @_AfricanUnion’s 1st participation today as a full member! This makes our debates even more inclusive & effective. @EU_Commission looks forward to working with the Brazilian @g20org Presidency.”

The inclusion of the African Union as a full member marks a milestone for the G20, enhancing the diversity of perspectives and voices in the global forum. Von der Leyen emphasised the positive impact of this development on the inclusiveness and effectiveness of ongoing discussions.

Furthermore, the European Commission President expressed the EU Commission’s anticipation of collaborating with the Brazilian G20 Presidency, underscoring continuity in international cooperation.

The virtual G20 Summit was held under the chairmanship of PM Modi.

The 18th G20 Leaders’ Summit was held in New Delhi on September 9 and 10.

It saw the unanimous adoption of the G20 New Delhi Leaders’ Declaration, which demonstrated the commitment of the G20 leaders to address global challenges in an inclusive, decisive and action-oriented manner.

PM Modi, in his inaugural address of the first session of the Global Leaders’ Summit on September 9, announced that the African Union has been made a full member of the G20.

Following a successful G20 Summit, India passed the ceremonial gavel of the G20 presidency to Brazil on September 10.

Prime Minister Narendra Modi expressed unwavering faith in Brazil for leading the Group of Twenty (G20) presidency with dedication and vision and has also assured all possible cooperation from Brazilian President Lula da Silva.

Brazilian President Lula da Silva thanked India and Prime Minister Modi’s efforts in conducting the G20 Summit and set forth three priorities under his country’s presidency of the grouping.

These, the Brazilian President said, “include social inclusion, the fight against hunger, energy transition, sustainable development and the reform of global governance institutions.”

While Indonesia held the G20 presidency last year, Brazil holds the presidency after India. (ANI)

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Israel war should not escalate, says Modi at G20

Modi said there is an agreement among G20 on a host of issues in relation to the serious situation in West Asia and listed the points of consensus…reports Asian Lite News

Prime Minister Narendra Modi on Wednesday said it was important to ensure that the Israel-Hamas war does not take the shape of a regional conflict and asserted that it is necessary to resolve the Israel-Palestine issue with the two-state solution.

Expressing concern over the prevailing insecurity and instability in West Asia, Modi said he believes after hearing the views of G20 leaders at their virtual summit that there is zero tolerance for terrorism and the loss of innocent lives, especially children and women, is unacceptable and condemnable.

The prime minister also welcomed news of the announcement of the release of hostages and expressed the hope that they will be set free soon. Humanitarian aid should be delivered effectively and safely as soon as possible, he said.

”It is necessary to ensure timely and continuous delivery of humanitarian aid. It is also necessary to ensure that the war between Israel and Hamas does not escalate into a regional conflict,” Modi said in his opening remarks.

Later, in his concluding remarks, he batted for a two-state solution to end the festering Israel-Palestine dispute and said it is necessary to restore regional peace and stability.

After hearing the views of all G20 leaders, Modi said there is an agreement among them on a host of issues in relation to the serious situation in West Asia and listed the points of consensus.

Diplomacy and dialogue are the only means to defuse territorial-political tensions, he said, referring to one of the seven points of agreement among the leaders.

The G20 is ready to offer all possible assistance on these issues, he said, noting that the world leaders shared views on the socio-economic impact of the global situation besides its development agenda.

The virtual summit of Leaders of G20 countries was attended by Brazilian President Luiz In cio Lula da Silva, UAE President Mohammad bin Zayed Al Nahyan, Russian President Vladimir Putin, Canadian Prime Minister Justin Trudeau, Bangladeshi Prime Minister Sheikh Hasina, European Commission President Ursula von der Leyen, IMF Managing Director Kristalina Georgieva, among others.

”Our coming together shows that we are sensitive to all issues and standing together for their solution. We believe that terrorism is unacceptable to us… There is zero tolerance to terrorism. Death of civilians, wherever it may be, is condemnable.

”We welcome the news of the release of hostages. We hope all hostages will be released soon,” Modi said.

The prime minister also spoke about the ”negative effects” of artificial intelligence and made a strong pitch for global regulation of the emerging technology.

”There are growing concerns across the world on the negative use of AI. India’s thinking is clear, we have to work together on global regulation of AI. We must understand the dangers posed by deepfakes to society and individuals and move forward,” Modi said.

Addressing the G20 leaders, he said, ”When on November 16 last year, Indonesian President Joko Widodo handed the ceremonial gavel to me, I had said we will make G20 inclusive, ambitious, action-oriented and decisive. In one year, we have together achieved this.” All of us together have taken G20 to newer heights, he said.

”In this world full of mistrust and challenges, it is this trust that binds us together. In the last one year, we have expressed confidence in ‘One Earth, One Family and One Future’. Moving away from controversies, we have worked with unity and cooperation,” Modi said.

”I can never forget that moment when in Delhi all of us welcomed the African Union into the G20. This message of inclusivity given by the G20 to the world is unprecedented.

”It is a matter of pride for India that under its presidency, Africa was given a voice. In the last one year in the G20, Global South’s voice has also been heard,” Modi said.

The prime minister asserted that the G20 has increased the confidence in multilateralism and global governance reforms have been given a direction.

The prime minister also invited leaders of G20 nations and that of the Global South to study the Aspirational Districts Programme of India, which aims at implementing sustainable development goals at the local level in the country.

”This single initiative has changed the lives of 25 crore people in the country,” Modi said.

With Brazil set to take over the elite global body’s presidency next month, he conveyed his best wishes to Lula and expressed confidence that it will work unitedly with the spirit of ”Vasudhaiv Kutumbakam” for global peace, stability and prosperity.

”It will continue to work to meet the expectations of the Global South,” he said, expressing hope that it will move forward on the issue of reforming multi-lateral development banks and global governance.

Transparent steps will be taken for debt restructuring, he said in reference to its likely agenda under Brazil’s presidency.

Expressing confidence that food and health security besides sustainable development will be given priority, he called for ensuring just, easy and affordable climate finance along with climate action.

He also stressed on women-led development, pathways for ”skilled migration”and the development of medium and small-scale industries.

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Modi to chair virtual G20 Leaders’ Summit on Nov 22

New Delhi, Nov 17 (ANI): Prime Minister Narendra Modi virtually addresses the concluding session of the 2nd Voice of the Global South Summit, in New Delhi on Friday. (ANI Photo)

The virtual summit will address key issues, select outcomes and action points from the New Delhi Summit, and review developments that have happened since then…reports Asian Lite News

As announced by Prime Minister Narendra Modi during the closing session of the New Delhi G20 Summit, India would be hosting a virtual G20 Leaders’ Summit prior to the conclusion of India’s G20 Presidency on November 22.

PM Modi made this announcement on September 10 during the closing ceremony of the G20 Summit that “India would be hosting a virtual G20 Leaders’ Summit prior to the conclusion of India’s G20 Presidency,” the Ministry of External Affairs said in an official statement.

The virtual G20 Leaders’ Summit will be chaired by PM Modi. Leaders of all G20 Members including the Chair of the African Union, as well as nine Guest countries, and Heads of 11 International Organizations, have been invited, the official statement added.

“It may be recalled that the New Delhi G20 Summit witnessed the unanimous adoption of the G20 New Delhi Leaders’ Declaration,” the statement said.

The virtual summit will address key issues, select outcomes and action points from the New Delhi Summit, and review developments that have happened since then.

Moreover, the deliberations of the 2nd Voice of the Global South Summit, held on November 17, will also feed into the discussions.

PM Modi on Friday inaugurated a global centre for excellence for the Global South countries called DAKSHIN.

He noted that he had proposed setting up the centre during the first Voice of Global South Summit in January this year.

Laying emphasis on the importance of the Global South, PM Modi said that it has always existed geographically but it is getting a voice for the first time due to joint efforts. The summit concluded building on the momentum of the first summit and echoed the theme of the Indian philosophy of ‘Vasudhaiva Kutumbakam’.

Meanwhile, the Virtual G20 Summit is also expected to “push for effective implementation of various G20 decisions, including through relevant national and international platforms,” the MEA said in a statement.

“The Indian G20 presidency witnessed a refocusing on the challenges of growth and development. It was expressed as an action plan to achieve the Sustainable Development Goals, a green development pact, reform of international financial institutions, promotion of digital public infrastructure and encouragement of women-led development. Convening a global south gathering was a prelude to ensuring the permanent G20 membership of the African Union,” External Affairs Minister S Jaishankar said during the Global South Summit.

Moreover, the G20 Summit successfully culminated with multiple bilateral meetings held on September 9 and 10, with world leaders and the announcement of various initiatives to pave the path for enhanced relations among the G20 countries as well as the European Union and the newly added African Union.

India holds the G20 Presidency until November 30, 2023.

India is currently part of the G20 Troika, comprising Indonesia, India and Brazil, marking the first time that the Troika consists of three developing and emerging economies.

“The G20 Troika during the Brazilian G20 Presidency in 2024 will comprise India, Brazil, and South Africa,” the statement said. (ANI)

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