Great G20 power, great responsibility
How can India utilize G 20 platform:
- India will assume the presidency of the G20 from December 1, 2022 to November 30, 2023.
- By hosting the summit of the G20, the world’s most influential economic multilateral forum, India will gain the opportunity to assume centre stage in proposing and setting the global agenda and discourse.
- In a world affected by the pandemic and the Ukraine conflict, the rise of an assertive China, economic challenges such as stagflation, terrorism, and climate change, India can take advantage of its role as the President of the G20 to promote its views and ideas to improve the global economy.
- India can use G20 to promote its priorities related to domestic and regional issues such as economic recovery, trade and investment, unemployment, patent waivers on diagnostics, therapeutics, vaccines to tackle COVID-19 and terrorism.
- India could deepen its cooperation with many G20 members such as the European Union, the U.K., and Canada, thereby accelerating the creation of free trade agreements.
- India could invite and engage countries from Africa and South America to ensure better and more balanced representation at the G20.
- India can use to platform to promote cooperation between developed and developing nations in areas such as technology transfer, assistance towards green economy, greater access to trade for developing countries, addressing debt distress of countries by offering sustainable aid and loan programmes, tackling food and energy prices/security for vulnerable economies.
The significance of G20:
- The G20 holds a strategic role in securing global economic growth and prosperity.
- The members of G20 collectively represent more than 80% of the world’s GDP, 75% of international trade and 60% of the world’s population.
- G20 is a unique global institution, where developed and developing countries have equal stature.
Suggestions on what to do?
- Indonesia, during its tenure as the president focused on three key pillars: global health architecture, sustainable energy transition, and digital transformation. This template could be useful for India in forging a comprehensive agenda.
- India needs to play a delicate balancing act by managing the West, the North Atlantic Treaty Organization (NATO), and G7 who have their own agendas and the emerging nexus between China and Russia whose agendas run counter to those of the West.
- India is uniquely positioned to achieve this since it is a member of both the Quad and the SCO.
Source : THE HINDU