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G20 Wraps Up with Talks on Global Economy, Supply Chains

In the next session, experts from the USA, Brazil, Canada and South Africa gave presentations on the global economic scenario…reports Asian Lite News

Global economic outlook and challenges to supply chain took centre stage on the opening day of the two-day G20 Framework Working Group (FWG) meeting which began in Chhattisgarh’s capital Raipur on Monday, a government official said.More than 65 delegates from G20 member and invitee countries and various international and regional organisations are taking part in the fourth and final meeting of the G20 FWG under India’s G20 Presidency being held here in Nava Raipur, the official added.Chandni Raina, advisor to the Union Finance Ministry and Sam Beckett, chief economic Adviser, HM Treasury, UK chaired the first session which saw a discussion on the latest global economic outlook and policy guidance on key macroeconomic issues in the first session, according to the official.

In the next session, experts from the USA, Brazil, Canada and South Africa gave presentations on the global economic scenario.

In the last session, presentations on the challenges to the supply chain and its microeconomic aspects were given, he said. Organisation for Economic Co-operation Development (OCAD), International Labour Organization (ILO) and World Trade Organization (WTO) also gave their presentations on various aspects of this issue, he said.In the same session, experts from China, South Korea and Germany also put forth their views, the official added.After the meeting, G20 delegates planted saplings at G20 Vatika in Sector 24 Nava Raipur, which has been developed in view of the event.On Tuesday, the concluding day of the meeting, a discussion will be held on a strong, sustainable, balanced and inclusive development, the official said.The 3rd G20 Framework Working Group (FWG) meeting under the Indian G20 Presidency took place in Kochi from June 13-14, 2023. More than 75 delegates from G20 member countries, invitee countries, and various international and regional organisations participated in the meeting, according to a G20 press release.

The G20 FWG focuses on global macroeconomic issues of current relevance. As per the mandate received from G20 Finance Ministers and Central Bank Governors in February 2023, the group has been deliberating on the macroeconomic implications of food and energy insecurity, macroeconomic risks arising from climate change and transition policies, and other risks to the global economy such as inflation, financial globalisation, and financial stability, the release added. (ANI)

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Final meeting of G20 Framework Working Group scheduled in Raipur

The upcoming meeting will take stock of the discussions in the FWG in 2023 and explore future areas of work…reports Asian Lite News

Chhattisgarh’s capital city, Raipur is all set to host the fourth and final meeting of G20 Framework Working Group (FWG) under India’s G20 Presidency.

The scheduled meeting will take place on September 18 and 19.

The two-day long meeting will be chaired by Chandni Raina, Adviser, Ministry of Finance, Government of India, and Sam Beckett, Chief Economic Adviser, HM Treasury, UK.

Over 65 delegates from G20 members and invitee countries, and various international and regional organisations will participate in the meeting.

The FWG facilitates discussions on the latest global economic outlook and policy guidance on key macroeconomic issues. The deliverables from this working group under the 2023 Indian Presidency have been successfully concluded and are referred to in the New Delhi Leaders Declaration: G20 Report on Macroeconomic Impacts of Food and Energy Insecurity and G20 Report on Macro-economic Risks Stemming from Climate Change and Transition Pathways.

The upcoming meeting will take stock of the discussions in the FWG in 2023 and explore future areas of work.

On the sidelines of the meeting, the Reserve Bank of India will host a series of Jan Bhagidari events, including panel discussions on digital banking and financial inclusion, financial literacy programmes, a G20 awareness programme, a painting contest and a slogan-writing contest.

Moreover, the delegates’ visits are scheduled to Nandanvan Zoological Garden which will feature a Jungle Safari, a Zoological Park, and a dedicated Rescue and Rehabilitation Centre.

The delegates will also be hosted for ‘Ratri Bhoj Par Samvad (Conversation over Dinner) and a cultural event which will enable the delegates to enjoy the unique cuisine and cultural richness of Chhattisgarh.

The second G20 Framework Working Group (FWG) was held in Chennai on March 25. During the meeting, delegates discussed and agreed on the way forward for important deliverables, including those on macroeconomic consequences of food and energy insecurity and climate changes as well as transition pathways, G20 said in the press release.

The Framework Working Group focuses on global macroeconomic issues and deliberates on how policy cooperation can be enhanced to achieve strong, sustainable, balanced, and inclusive growth (SSBIG), according to the G20 press release. (ANI)

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IMEC Aims to Rival China’s Belt and Road Initiative

PM addresses at the Partnership for Global Infrastructure and Investment & India-Middle East-Europe Economics Corridor event during G20Summit, in New Delhi on September 09, 2023.

Prime Minister Narendra Modi called it “historic”. Other participating entities present at the announcement were the European Union, France, Germany, Italy, the UAE, and Saudi Arabia…reports Asian Lite News

IMEC, a new acronym born during the recent G20 meeting in Delhi, is the most ambitious project yet undertaken under the Partnership for Global Infrastructure and Investment (PGII), the US-led West’s response to China’s Belt and Road Initiative (BRI).

IMEC is a port-and-rail economic corridor connecting India, the Middle East and Europe. Thus the name, India-Middle East-Europe Economic Corridor (IMEC). Along the route, the plan is to run a cable for electricity and digital connectivity  

US President Joe Biden, the architect of the (PGII) hailed the project as a “game-changing” regional investment.

Prime Minister Narendra Modi called it “historic”. Other participating entities present at the announcement were the European Union, France, Germany, Italy, the UAE, and Saudi Arabia.

“It will be a clear demonstration of a new model that President Biden has pioneered for more transparent and sustainably — and sustainable develop — sustainable high-standard infrastructure that fills a damaging global gap and enables greater prosperity and better connectivity for key regions around the world,” Jon Finer, Principal Deputy National Security Advisor to the US president, told reporters ahead of the announcement.

The PGII was launched at the 2022 summit of the G7 countries in Germany, as a repackaged and rebranded version of the Build Back Better World — or B3W, as it was called — that was launched in 2021 at the G7 Summit in the United Kingdom. It was to be an unambiguous alternative to China.

A senior Biden administration official told reporters ahead of the G7 meeting on B3W that it will be a “a clear contrast with other global actors like China who are building infrastructure that locks developing countries into unsustainable debt traps and fossil-dependent infrastructure for decades to come”.

And that the B3W was born out of discussions held by Biden with his then British counterpart Boris Johnson on the need to “counter low-quality infrastructure development, like China”.

China’s BRI had locked recipient countries into impossibly high levels of debt. Non-payment of these loans could, and did, lead to significant surrender of sovereignty to the Chinese — like the Hambantota Port in Sri Lanka, which was taken over by China in 2018 for 99 years after Colombo failed to repay the loan taken for its construction.

The port was badly conceived and planned — some say it was found to fail, and it did — as many Chinese-funded projects around the world. 

The B3W was to provide value-based, quality infrastructure that is climate-friendly, sustainable and, unlike the BRI, most of the financing was to come from the private sector.

The goal was to close the gap of an estimated $40 trillion between the demand for and availability of infrastructure financing in low and middle-income countries. The plan ran aground, however, as Biden’s domestic plan that inspired it, called Build Back Better, foundered in Congress.

Biden announced the PGII at the 2022 G7 summit with a somewhat scaled down ambition of mobilising $600 billion, by the partner countries over the next five years. He committed $200 billion from the US. A number of projects were announced at the same time in Africa, the Middle East and Europe, making it clear the leaders were putting their words into action.

The Biden administration has also focussed, at the same time, on reforming the multilateral development banks such as the World Bank as an alternative to China’s predatory lending under the BRI.

A big part of this move was the appointment of Ajay Banga, an Indian-American, to head the World Bank, Biden administration officials have said. Under his leadership, the Bank is expected to offer itself as another alternative to China’s BRI.

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India’s Rich Buddhist Heritage Shines at G20 Summit

rime Minister Narendra Modi arrives at the Bharat Madapam for the G20 Summit, in New Delhi on Saturday, September 9, 2023. (Photo: IANS/PIB)

The teachings of the Buddha are grounded in ideals like compassion, moderation, wisdom, dignity, non-violence and interdependence…reports Asian Lite News

During the opening speech of the G20 Summit, Prime Minister Narendra Modi’s quote from the Sixth Ashoka Pillar, “The welfare and happiness of humanity should always be ensured,” which resonates deeply with Buddha’s teachings.

At the G20 Summit, this message reflected India’s commitment to Buddha’s principles of compassion, peace and universal well-being. By intertwining these ancient ideals with contemporary global challenges, Modi underscored the imperative for nations to collaborate and prioritise the welfare of all, echoing Buddha’s timeless wisdom that harmony and happiness are found in the well-being of humanity.

Another important message in the G20 Delhi Summit was the Buddhist element backdrop picture of ancient Nalanda Mahavihara, the centre of learning, which helped in dissemination of ancient wisdom at the reception of the dinner hosted by the President of Bharat, Droupadi Murmu.

The teachings of the Buddha are grounded in ideals like compassion, moderation, wisdom, dignity, non-violence and interdependence. The core philosophy stresses alleviating suffering through moral conduct, mindfulness and the middle path. The recently concluded G20 Summit in Delhi saw the leaders of the world’s major economies endorse the ‘Delhi Declaration’, laying out a vision for global cooperation. An analysis of the declaration shows how Buddha’s teachings have influenced and shaped some of its key principles and commitments.

The Delhi Declaration reflects many of these Buddhist values and recognises the suffering and challenges facing the world today, including poverty, inequality, climate change, and threats to peace. The Buddha’s First Noble Truth of the universality of suffering (dukkha) is reflected in the G20 Declaration’s recognition of ongoing issues like poverty, hunger, inequality, climate change, and lack of healthcare/education access afflicting people globally. 

The theme itself — ‘Vasudhaiva Kutumbakam’ or ‘One Earth One Family One Future’ — resonates with Buddha’s vision of human interdependence and shared destiny. Multiple sections in the declaration seem inspired by Buddhist thinking. On economy, the declaration recognises the need for “balanced, inclusive and sustainable economic growth” and to “reduce inequalities”. This aligns with Buddhist emphasis on the middle path, avoiding two extremes.                                                      
 There is an acknowledgment that the climate crisis disproportionately affects vulnerable sections like developing countries. The declaration hence stresses on common but differentiated responsibilities and respective capabilities. This resonates with the Buddha’s compassion for alleviating the sufferings of those in distress. 

The declaration lays emphasis on accelerating progress on the UN Sustainable Development Goals to reduce poverty and hunger. It recognises access to education, health and opportunities as key enablers of human capital development. This aligns with the Buddha Dhamma’s recognition of dignity and equal potential in all human beings regardless of gender. The declaration also upholds shared responsibility towards children and youth — the teachings of the Buddha also placed special importance on educating the young. The Buddha too considered compassionate service to the poor and marginalised as an important duty and was committed to promote gender equality and women’s empowerment.

The Buddha’s teaching of Four Noble truth are Suffering (Dukkha), cause of suffering (Samudaya), end of suffering (Nirodha) and path that leads to end of suffering (Magga). The G20 Delhi declaration was not just a document but the path that leads to end of suffering of the humanity in 21st century. The Declaration aligns with the Buddha’s Fourth Noble Truth on the path to end suffering by setting Sustainable Development Goals to uplift underdeveloped nations. 

Initiatives like food/nutrition security, sustainable agriculture, and building climate/disaster resilient infrastructure aim to reduce poverty and hunger (SDG 1 & 2). Promoting gender equity and women’s empowerment (SDG 5) reduces inequality. Climate action via renewable energy and phasing out fossil fuels (SDG 13) addresses environmental causes of suffering. Proposed digital infrastructure expansion and educational initiatives (SDG 4) also mirror Buddhist tenets on developing wisdom.

The Declaration emphasis as on compassionately supporting underdeveloped and developing nations and reflects the fundamental Buddhist ideal of selflessness and concern for all beings. Proposals for cooperation in areas like global health, peace and humanitarian assistance embody the Buddhist path of morality and ethical conduct. 

The G20 Declaration takes a holistic approach to alleviating global suffering by adopting moral policies, developing wisdom and sustainable solutions, and working collectively — all key aspects of the Buddha’s Eightfold Path. The Declaration’s recognition of shared global challenges and commitment to cooperative policy action reflects Buddha Dhamma’s diagnosis of the root of suffering and prescription of compassionate collective effort to progress spiritually and socially.

The G20 leaders note that global challenges like climate change and pandemics require collective action based on a “spirit of cooperation”. This sentiment mirrors Buddhist ideals of interdependence and “universal responsibility”. The declaration envisions G20 as the premier forum for international economic cooperation that can pilot innovative solutions. It aims to make progress through consensus-building. This cooperative and non-conflictual approach has parallels with Buddha’s stress on concord and peaceful reconciliation of viewpoints. 

 Conclusion

The Buddha Dhamma was founded over two millennium ago, but its universal themes clearly resonate in the present-day global agenda around sustainable development, climate action and human welfare. The Declaration commits to working collectively to address these global issues and build a sustainable, just, and equitable world. 

Specific policy initiatives in the Declaration aim to reduce poverty, empower women, support developing countries, address climate change, and promote global cooperation and peace. This target some of the main sources of suffering — poverty, inequality, environmental harm, conflict which was identified by the Buddha 2,500 years ago. The emphasis on shared responsibility, compassion for marginalised groups, and the goal of maximising global welfare evokes Buddhist ethical ideals of selflessness, wisdom and compassion for all beings.

The Declaration’s recognition of the universality of suffering and need for collective moral responsibility to create positive change mirrors Dhamma diagnosis of the human condition and prescription for spiritual progress. The Buddha taught that we must work together to overcome selfish cravings and ignorance in order to build a just world of mutual prosperity and peace. The G20 commitments embody this spirit of universal compassion and social progress. The G20 Delhi Declaration reflects core Buddhist teachings on the ubiquity of suffering, its causes, and the path towards its cessation by adopting righteous conduct, wisdom, concern for all beings and cooperative global action to create a more equitable and sustainable world.

The G20 highlighted various aspects of India’s proud history, tradition and heritage at every stage of the event. Noticeably relevant aspects of India’s rich Buddhist heritage was given a special space. Prime Minister Modi was seen personally making efforts to explain the background and essence of India’s deep Buddhist connect.

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UAE@G20: New Strategic Ally

The country also attended all Sherba and working group meetings, which reflects its commitment to contributing effectively to the G20 process…reports Asian Lite News

The UAE’s successful participation in the 18th G20 Summit has spotlighted the country’s global stature and its efforts to drive global action to ensure a brighter tomorrow for generations to come, crowning the UAE’s active efforts in the G20 summit, working groups and meetings.

Participating for the second time in a row, marking its fourth time as a guest of honour of the summit, the UAE has enhanced its status as a positive force across various fields, as part of its drive to promote stability and peace worldwide and mobilise global efforts to address shared challenges.

The country’s participation in the summit’s agenda included a declaration to establish an Economic Corridor linking India to the Middle East and Europe.

The UAE’s presence at the summit affirms its role in supporting and promoting global trade thanks to its top-grade networks with seaports and its investment over decades in building massive ports that enable it to support and streamline global trade activities.

The UAE played a part in the launch of the Global Biofuel Alliance on 9th September, 2023, on the sidelines of the G20 Summit. The alliance seeks to accelerate global efforts to achieve net-zero goals by facilitating trade in biofuels derived from natural sources.

During India’s presidency of the G20, the UAE participated in about 25 meetings held throughout the year within the various tracks.

The country also attended all Sherba and working group meetings, which reflects its commitment to contributing effectively to the G20 process.

The UAE enjoys a leading strategic position due to its close relations with various countries, helping support the global agenda and build partnerships to achieve global stability and prosperity, cementing the country’s status as a key pillar of the world’s top international alliances.

In addition to the UAE’s global strategic role, the country will welcome the world to the Climate Change Conference of the Parties (COP28), which will take place between November and December.

UAE-hosted WTO Ministerial

The G20 Leaders’ Summit in New Delhi has made a commitment to ensure the success of the World Trade Organisation’s 13th Ministerial Conference, which the UAE will host next year.

“We commit to work constructively to ensure positive outcomes at the WTO’s Thirteenth Ministerial Conference (MC13),” said the New Delhi Declaration adopted by the G20 Summit.

The foremost deliberation body of the WTO, which meets once every two years, will be coming to Abu Dhabi in February 2024, placing the UAE at the heart of the conversations that will shape the immediate future of global trade.

164 countries to gather in Abu Dhabi

The UAE will welcome the leadership of the WTO’s 164 member states to the MC13 in Abu Dhabi, just after hosting the COP28, the UN Climate Conference in Dubai in November this year with the participation of all UN member states, international organisations, and other global stakeholders. COP28 has made a landmark decision to include trade as a thematic day at the Dubai conference.

The previous WTO conference, MC12, reached landmark multinational agreements on issues such as pandemic preparedness, intellectual property rights, the removal of food export prohibitions and fisheries subsidies, in what has become known as “The Geneva Package”. MC13 is now the opportunity to finally introduce impactful reform to the WTO itself – and usher in a new wave of measures that will safeguard the future of the body as a credible custodian of the multilateral trading system.

MC13 comes at a critical time for world trade, and the conference will build on the outcomes of MC12, review the performance of the multilateral trading system, make decisions on the future work of the WTO, and set up the roadmap for MC14.

The General Council of the WTO recently elected Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, as Chair of the MC13.

G20 reiterates inclusive WTO

The declaration reaffirmed that a rules-based, non-discriminatory, fair, open, inclusive, equitable, sustainable and transparent multilateral trading system, with WTO at its core, is indispensable.

“We will support policies that enable trade and investment to serve as an engine of growth and prosperity for all.”

The declaration renewed the G20’s commitment to ensure a level-playing field and fair competition by discouraging protectionism and market distorting practices, to foster a favourable trade and investment environment for all.

“We reiterate the need to pursue WTO reform to improve all its functions through an inclusive member-driven process and remain committed to conducting discussions with a view to having a fully and well-functioning dispute settlement system accessible to all members by 2024.”

MC13 to address hunger, food security

A top WTO official said last week that MC13 in Abu Dhabi will provide a unique opportunity to ensure that trade contributes to strengthening global food security.

WTO’s Deputy Director-General Jean-Marie Paugam noted MC13 can be a defining moment for a more food secure and sustainable future and urged WTO members to work together to overcome the stalemate in agriculture negotiations.

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G20 Participants Back UAE’s Climate Leadership

Yeshi Seli, Senior Editor at The New Indian Express, stated that the UAE is constantly striving to strike a balance between development and environmental sustainability, which is what is expected to prevail at COP28…reports Asian Lite News

Participants in the 18th Group of 20 (G20) Heads of State and Government Summit, held in New Delhi, India, said that they are looking forward to the 28th Conference of the Parties (COP28) to the UN Framework Convention on Climate Change (UNFCCC), which the UAE is hosting in November.

Being spearheaded by the UAE, this global event will unify efforts to reverse the fallout of climate change, participants told the Emirates News Agency (WAM) on the last day of the summit, noting that the UAE had set in motion ambitious plans that have raised its global status as a leader capable of finding effective solutions to combat climate change, and was the first country in the Middle East and North Africa region to launch a strategy to achieve net zero by 2050.

Tristen Naylor, Professor of International Politics and History at the University of Cambridge, said that all eyes will be on the UAE in the coming months as it readies to host COP28, as the world is eager to see the outcomes of this important global event, especially in terms of reaching an agreement on the path forward in combatting climate change and saving the world from its fallout.

Yeshi Seli, Senior Editor at The New Indian Express, stated that the UAE is constantly striving to strike a balance between development and environmental sustainability, which is what is expected to prevail at COP28.

She added that the country is among world leaders in environmental protection and the development of natural resources, driven by a vision to create a sustainable climate-proof future, highlighting her confidence that the UAE will make huge strides during the event and its COP28 presidency period.

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How India made Delhi Declaration possible

Govt led more than “200 hours of non-stop negotiations” to reach a consensus on G20 leaders’ declaration…reports Asian Lite News

India led more than “200 hours of non-stop negotiations” to reach a consensus on Saturday’s G20 leaders’ declaration. The group has struggled to find common ground on several issues recently – including the Ukraine war and climate change. Extensive work by a ‘brilliant’ team however allowed India to avoid a major diplomatic embarrassment.

“The most complex part of the entire G20 was to bring consensus on the geopolitical paragraphs (Russia-Ukraine). This was done over 200 hours of non-stop negotiations, 300 bilateral meetings and 15 drafts. In this, I was greatly assisted by two brilliant officers – joint secretaries Eenam Gambhir and Nagaraj Naidu Kakanur,” tweeted G20 Sherpa Amitabh Kant.

India managed to hammer out an unexpected consensus among the G20 countries on the contentious issue through a series of hectic negotiations with emerging economies such as Brazil, South Africa and Indonesia playing a leading role in reaching the breakthrough. According to a PTI report quoting sources these three countries also helped in drafting the text that drew every member nation’s approval.

World media has since dubbed the carefully worded declaration a “coup” for host Prime Minister Narendra Modi though the final compromise statement reflected a stand far softer than those the US and its Western allies have adopted on Russia.

Details of the Declaration

The Delhi Declaration of G20 begins by stating that this is a “defining moment in history” and that G20’s decisions will affect the future of the people and planet. Don’t dismiss this as typical diplomatic hyperbole, for this recognition of the importance of the moment, and the implications for the long-term, is central to understanding India’s historic achievement on Saturday.

In a clear sign of India’s role in ensuring that the interests of both the global South, which constitute the marginalised within the international order, and the poor and vulnerable who constitute the marginalised within both rich and poor countries, is addressed, the text also lays out clear principles and priorities.

The Indian presidency has made it clear that there will be no compromise between fighting poverty and fighting the climate crisis. And themes such as ensuring growth, getting sustainable development goals (SDGs) back on track, battling the climate crisis, preparing for health emergencies, reforming multilateral development banks (MDBs), dealing with the debt crisis, spreading digital public infrastructure (DPI), generating jobs, bridging the gender gap, and giving a voice to the global south dominate the letter and spirit of the document.

The declaration realises that global economy is at a fragile moment, with “balance of risks tilted downside”.

It says G20 members will commit themselves to implementing “well-calibrated monetary, fiscal, financial, and structural policies to promote growth, reduce inequalities and maintain macroeconomic and financial stability”. All countries know that if they wish to achieve strong, sustainable, balanced and inclusive economic growth, they will have “to stay agile and flexible in their policy responses”.

G20 Central banks, the text says, have committed to achieve price stability, ensure that inflation expectations remain well anchored, and “communicate policy stances to help limit negative cross-country spillovers”, while G20 members reaffirm that central bank independence is crucial to maintaining policy credibility. On fiscal policy, in line with the outcome at the meeting of the finance ministers, G20 members have said they will “prioritise temporary and targeted fiscal measures to protect the poor and the most vulnerable, while maintaining medium-term fiscal sustainability”.

The growth story cannot hinge on the state alone, and the Delhi Declaration sees a key role for the private sector and commits to creating “inclusive, sustainable, and resilient global value chains, and support developing countries to move up the value chain”, facilitating investments, promoting the ease of doing business, and recognising the role of startups and MSMEs.

At a time when the multilateral trading regime is in crisis, G20 members have also committed to a “rules-based, non-discriminatory, fair, open, inclusive, equitable, sustainable and transparent multilateral trading system, with WTO at its core”, terming the trade organisation indispensable. The declaration outlines a set of principles and actions that can make trading system more effective and fairer.

It also recognises the importance of addressing skill gaps, ensuring “decent work” and providing social protection policies. In this regard, once again in recognition of the flow of people from the global south, the text says that “well-integrated and adequately skilled workers benefit origin and destination countries alike”, with G20 countries committing to working towards ensuring “well-managed, regular and skills-based migration pathways”.

A big takeaway from the Indian presidency, which finds reflection in the Delhi Declaration, is the text’s endorsement of G20 Policy Recommendations for Advancing Financial Inclusion and Productivity Gains through DPI. The declaration encourages the “continuous development and responsible use of technological innovations including innovative payment systems, to achieve financial inclusion of the last mile and progress towards reducing the cost of remittances”. And the grouping has endorsed the G20 2023 Financial Inclusion Action Plan (FIAP), “which provides an action oriented and forward-looking roadmap for rapidly accelerating the financial inclusion of individuals and MSMEs, particularly vulnerable and underserved groups in the G20 countries and beyond”. This, finance minister Nirmala Sitharaman noted at a press conference, will be a big legacy of the Presidency.

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AU Chairperson Terms India As ‘Superpower’

Azali Assoumani said India is a superpower in terms of “inhabitance” and “ahead of China now”…reports Asian Lite News

President of the Union of Comoros and chairperson of the African Union (AU), Azali Assoumani, on Sunday said India is a superpower in terms of “inhabitance” and “ahead of China now”.Assoumani said as the fifth superpower in the world, there was enough room for India in Africa.”India is the 5th superpower in the world so there is enough room for India in Africa. We also know that India is so powerful that it went to space. So we just need to coordinate…India is a superpower in terms of inhabitance, India is ahead of China now,” the AU chairperson said. He also praised India for advancements in space research.Opening up on the moment when Prime Minister Narendra Modi hugged him after formally inducting the African Union into the G20 family, the AU Chairperson said it was an emotional one for him. He added that he thought there would be a debate before a decision is arrived at but the African Union was announced as part of the G20 family at the very outset of the two-day summit on Sunday.”I was about to cry. It was a great emotion for me. Because actually, we thought that there was going to be a debate and then a decision would be taken but at the very beginning of the Summit it was announced that we were a member,” he said. In his opening remarks at the 18th G20 Leaders’ Summit on Saturday, PM Modi invited the African Union, represented by Assoumani, to take a seat at the table of G20 leaders as a permanent member.

The African Union chairperson expressed his gratitude to the G20 member countries for the historic inclusion of the bloc in the G20 family. Assoumani took to his official handle on ‘X’ to post, “The G20 has just ratified, through the voice of the Prime Minister of India, @narendramodi, the admission of the @_AfricanUnion into its fold. On behalf of the African continent, I sincerely thank all the member countries of the @g20org for this historic admission.”On Sunday, PM Modi held a meeting with Assoumani, congratulating him on the African bloc joining the G20 family.Taking to his official handle on ‘X’, PM Modi posted, “Had a very fruitful meeting with @PR_AZALI. Congratulated him once again on @_AfricanUnion joining the G20 family. Comoros is vital to India’s SAGAR Vision. Our deliberations included ways to enhance cooperation in areas like shipping, trade and more.

“Earlier in the day, PM Modi called the inclusion of the African Union in the G20 a “significant stride” towards a more inclusive global dialogue.He stated that India was looking forward to collaborative efforts that benefit the entire world.African Union is a union consisting of 55 member states in Africa. The move to include the African Union in the G20 grouping was proposed by PM Modi earlier this June. (ANI)

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IMF Chief: G20 Must Lead By Example On Climate Financing

IMF has so far secured USD 40 billion to support vulnerable countries through Resilience and Sustainability Trust to build climate resilience…reports Asian Lite News

G20 members must lead by example in delivering on the promises on financing they made for the cause of climate mitigation, besides supporting the strengthening of Multilateral Development Banks, said International Monetary Fund (IMF) Managing Director Kristalina Georgieva.

Speaking at the concluding session of the G20 Leaders’ Summit in New Delhi on Sunday, the IMF chief said it has so far secured USD 40 billion to support vulnerable countries through Resilience and Sustainability Trust to build climate resilience.

Climate finance typically refers to any financing that seeks to support mitigation and adaptation actions that will address climate change.

At the 15th Conference of Parties (COP15) in Copenhagen in 2009, developed countries had collectively committed to mobilising USD 100 billion per year by 2020 for climate action in developing countries. The goal was formalised at COP16 in Cancun, and at COP21 in Paris, it was reiterated and extended to 2025.

“Our one and only earth is threatened by existential climate change. Ahead of COP28, we must raise ambition to decisively reduce emissions to prevent grave risks to economic wellbeing and macro-financial stability,” she said. Excerpts of her statement were made available on IMF website.

She further noted that transforming the ambition into reality will require large investments both from the international community and the private sector, as well as an appropriate price for carbon.

“G20 members must lead by example in delivering on the promises of USD 100 billion per year for climate finance, supported by strengthening the Multilateral Development Banks,” Georgieva  said.

The IMF Director said she requested countries to mobilize domestic resources to finance and manage the green transition through tax reforms, effective and efficient public spending, and strong fiscal institutions.

Dancing to Odiya folk song

Georgieva arrived in Delhi on Thursday. On her arrival at the New Delhi airport, she was welcomed with tunes of Odisha’s famous Sambalpuri folk songs.

On hearing the melody of the Sambalpuri song and watching the artist’s dance performance, Georgieva could not stop herself from shaking a leg and joining in with the Sambalpuri artists.

Union Minister Dharmendra Pradhan shared a video of the event on X, expressing his pride in Odia culture.

“Difficult to resist Sambalpuri beats . MD International Monetory Fund, K Georgieva, arrives in India for the G20 summit to a Sambalpuri song and dance welcome. Odia Pride,” Pradhan wrote in a post on X.

Presidents of various countries, Prime Ministers, and heads of international organizations are arriving in India to attend the G-20 meeting, which is being held under the chairmanship of India from September 9 to 10. (ANI)

ALSO READ-‘Global South no longer willing to be lectured’

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‘Global South no longer willing to be lectured’

The Russian Foreign Minister added that the Global South is “not willing” to enforce Russia to comply with the “Zelenskyy formula” to end the conflict…reports Asian Lite News

Russian Foreign Minister Sergey Lavrov said that the New Delhi Declaration at the G20 Summit is about the awakening of the Global South which is “no longer willing” to be lectured about Russia complying with “Zelenskyy formula”.

Addressing a press conference after the conclusion of the G20 Summit here, Lavrov said that the declaration is about the consolidation of the Global South that is willing to work to achieve its goals.

“When they agreed to that, perhaps it was the voice of their conscience. Speaking frankly, we didn’t expect that. We were 100 per cent ready to defend our honest wording of the text, and it was truly honest and fair, he said.

He further said that the main content of the declaration is all about the awakening of the Global South and one should not isolate the paragraph on Russia-Ukraine war.

“Let me underline that we cannot isolate that paragraph (on Ukraine and Russia) from the rest of the work on the declaration. The main content of the declaration this year is all about the awakening of the Global South and the consolidation of the Global South that is truly willing for the G20 to work for its main goals,” Lavrov said.

The Russian Foreign Minister added that the Global South is “not willing” to enforce Russia to comply with the “Zelenskyy formula” to end the conflict.

“The Global South is no longer willing to be lectured. They don’t want to hear anything about Russia enforcing Russia to comply with the Zelenskyy formula. I don’t want to talk about it, this formula is unrealistic. This approach is simple, it is disrespectful for the developing nations…sane people cannot say such things. I think this is nothing but a new expression of neo-colonialism,” he further added.

Russian Foreign Minister described the New Delhi G20 Summit as “a milestone” and said the active role of the Indian presidency “has genuinely consolidated” the G20 countries from the Global South for the first time in history.

“It is a long way to go but this Summit has been a milestone… I would also like to mention the active role of the Indian presidency that has genuinely consolidated the G20 countries from the Global South for the first time in history. Our BRICS partners – Brazil, India, China, South Africa have been particularly active and thanks to these consolidated positions taken by the Global South countries to uphold and protect their legitimate interests,” he said.

“I think that a healthy solution has been found in the declaration regarding the need to strive for a clear and equitable balance of interest. It is one of the decent purposes and we are already on track. In our turn, we will continue strengthening these positive trends including during Brazil’s presidency next year and in 2025 during South Africa’s presidency,” he added.

Lavrov also referred to Prime Minister Narendra Modi’s proposal to hold a virtual G20 session in November towards the end of India’s G20 presidency to review the proposals made at the New Delhi Summit.

Modi earlier in the day announced the conclusion of the G20 Summit and proposed to hold a virtual G20 session in November to review the suggestions and proposals made at the premier forum for international economic cooperation. (ANI)

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