India to host G-20 summit in 2022
- GS Prelims, GS Mains paper II
- International Organisations, G 20, India and G 20
Why in News?
- PM Modi made the announcement of India hosting G20 summit in 2022 at the closing ceremony in Buenos Aires (on December 1, 2018). This was the 13th G-20 meet.
- It will coincide with India’s 75th anniversary of Independence.
- Italy was to host the international forum in 2022. Thanking Italy for allowing India to play the host, Mr. Modi invited G-20 leaders to India in 2022, which also marks the 75th anniversary of India’s Independence.
- The 14th edition of the G20 summit will be held in Japan while Saudi Arabia will host the 15th.
- The Group of 20, also called the G-20, is a group of finance ministers and central bank governors from 19 of the world’s largest economies and the European Union.
- The G-20 was formed in 1999as a forum for member nations to discuss key global economic issues.
- The mandate of the G-20 is to promote global economic growth, international trade and financial market regulation.
- G-20 members:Argentina, Australia, Brazil, Canada, China, the European Union, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey, the UK and the U.S. Spain is a permanent guest invitee.
- G-20 Trade:Collectively, the G-20 economies account for nearly 90% of the gross world product, 80% of world trade, two-thirds of the world population, and approximately half of the world land area.
- Criticism:After its inaugural leaders’ summit in 2008, the leaders of the G-20 announced on Sept. 25, 2009 that the group would replace the G-8 as the main economic council of wealthy nations. Since its inception, some of the G-20’s membership policies have been criticized, and there have been protests at the group’s summits by liberal groups who consider the G-20 to have strengthened large corporations through trade agreements, to be delinquent in combating climate change, social inequality and promoting democracy around the world.
POINTERS BY PM MODI AT THE G20 SUMMIT
- Prime minister Narendra Modi stressed cooperation among G20 countries on issues related to the global economy, trade tensions, crude oil prices, terrorism, and fugitive economic offenders.
- He highlighted the current challenges which the global economy face, the threat of increasing financial vulnerabilities mainly arising from the monetary policies of advanced economies and oil price volatility.
- The prime minister talked about the escalating trade tensions and the collateral damage it causes to the least developed countries and other emerging economies, referring mainly to the ongoing US-China trade war.
- Modi highlighted and stressed the price stability of crude oil because any instability in crude prices causes a lot of pressure, especially on domestic economies to adapt their economic policies because of price fluctuations.
- Another important point which Modi highlighted was the need for carrying out reforms in the World Trade Organisation (WTO).
- He stressed that reforming the WTO is very necessary to carry forward the dialogue on trade, in services and promoting the global value chain in the agricultural sector.
- PM Modi also stressed that it is time to fully implement and operationalise the various aspects of the 11-point agenda against terrorism which was issued last year as a part of the Hamburg Declaration.
- He advocated strengthening of the United Nations’ counter-terrorism network and urged the BRICS and G20 nations to work unitedly towards that goal.
- “The important multilateral institutions like FATF (Financial Action Task Force) and other such institutions must be strengthened so that financing for terror and other illegal activities can be curbed,” he said.
Modi on economic offenders
- The prime minister also highlighted the issue of economic offenders and the need to bring them to justice.He received support from other BRICS leaders on the issue.
- Presenting a nine-point action programme against fugitive economic offenders at the second session of the G20 Summit on Friday, Modi said there was a need for a joint effort by member countriesto form a mechanism that denies entry and safe havens to all fugitive economic offenders.
- He suggested that the G20 forum should consider initiating work on locating properties of economic offenders who have tax debt in the country of their residence for its recovery.
- He added that the principles of UN Convention Against Corruption (UNCAC) and UN Convention Against Transnational Organized Crime (UNOTC), especially related to international cooperation, should be fully and effectively implemented.
- The Financial Action Task Force (FATF) should be tasked to formulate a standard definitionof fugitive economic offenders, Modi said in his nine-point agenda.
- He added that the FATF should develop a set of commonly agreed and standardised procedures related to identification, extradition and judicial proceedingsfor dealing with such offenders to guide and assist G20 countries, subject to their domestic law.
India to host G-20 summit in 2022 India to host G-20 summit