New Delhi, India: The G20 Summit 2023 hosted in New Delhi’s Pragati Maidan concluded with a joint declaration by world leaders, signifying significant progress on global issues. Despite initial doubts about reaching a consensus, the New Delhi Leaders’ Declaration was successfully adopted, reflecting India’s dedication to fostering international cooperation.
The following are the Key highlights of the G20 summit:
The declaration addresses the Russia-Ukraine conflict, emphasizing the pursuit of peace in accordance with the UN Charter.
A commitment to expedite the full implementation of the 2030 Agenda for Sustainable Development.
Acknowledgment of the challenges faced by Micro, Small, and Medium-sized Enterprises (MSMEs) and endorsement of the Jaipur call for action to integrate MSMEs into international trade.
A pledge to reinforce multilateral development banks, aligning with India’s presidency agenda.
Agreement to address debt vulnerabilities in low and middle-income countries effectively and comprehensively.
Reaffirmation of the importance of gender equality and empowerment, underscoring its role in implementing the 2030 Agenda.
Strong condemnation of all forms of terrorism, with a commitment to meet Financial Action Task Force (FATF) requirements.
Under the theme of “One Earth. One Family. One Future,” India’s G20 presidency made history by admitting the African Union as a permanent member, marking the first such addition since the bloc’s inception in 1999.
Additional Highlights from the Delhi Declaration
All states must refrain from using force to acquire territory, respecting territorial integrity, sovereignty, and political independence.
Terrorism is condemned as a grave threat to international peace and security, with all acts considered criminal and unjustifiable.
Emphasis on protecting the vulnerable through equitable growth and enhancing macroeconomic and financial stability.
Focus on robust and sustainable growth, advancing sustainable development goals, green development, and revitalizing multilateralism.
Commitment to unrestricted, open, and fair trade in agriculture, food, and fertilizers, with a commitment to refrain from imposing export restrictions.
Pledge to strengthen the global health architecture, building resilient health systems, and supporting climate-resilient and low-carbon health systems in collaboration with multilateral development banks (MDBs).
The necessity of aligning financial flows with climate objectives, expanding finance, capacity-building, and technology transfer, with a focus on the priorities and needs of developing countries.
The New Delhi Leaders’ Declaration represents a significant step forward in addressing global challenges, reaffirming the G20’s commitment to international cooperation and sustainable development. As India hands over the presidency to Brazil, the world watches with anticipation as these commitments translate into concrete actions in the coming years.
Photo Source: Google
By: Montel Kamau
Serrari Financial Analyst
9th September, 2023
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