The G20 preliminary declaration is anticipated to emphasise measures to stabilise the global economy. At the G20, India will advocate for a global green development agreement that includes climate finance.
The third G20 sherpa meeting will be held in Hampi, Karnataka from July 13-16 to discuss the preliminary declaration for the Leaders' Summit, according to a source with knowledge of the situation. Prime Minister Narendra Modi had outlined the top priorities for India's G20 presidency, and the effort would be to guarantee deliverables in these areas, according to the individual.
Priority number one on India's G20 agenda is voicing the challenges confronted by the Global South.
The draught declaration is anticipated to emphasise reviving the global economy, facilitating access to digital public infrastructure, alleviating trade and investment, and reforming multilateral development banks.
According to the most recent World Bank projections, post-pandemic economic challenges have worsened, and global growth is projected to decline to 2.1% in 2023 and 2.4% in 2024.
Over 200 million people were forced back into poverty as a result of Covid-19, and the post-Russia-Ukraine conflict supply chain issues have severely impacted the global economy.
New Delhi is eager to refocus the G20's attention on economic issues, which is fundamental to the group's mission, and to brainstorm solutions that can be presented to leaders in September.
It is necessary to define climate change financing and the proportion of costs that the developed world should bear, according to a second individual, who added that India is eager to press this issue during its presidency.
The previous G-20 meetings—the finance ministers and central bank governors meeting in Bengaluru, the foreign ministers meeting in New Delhi, and the sherpa meetings—were overshadowed by severe disagreements between the G-7 nations and Russia and China regarding two paragraphs in the declarations.
Russia and China objected to the inclusion of two paragraphs condemning the conflict in the Bali G-20 summit declaration last November.
In light of Prime Minister Narendra Modi's statement that this is not a time of conflict, a new effort will be made to narrow these differences and to place development and economic issues at the centre of discussions.
Sherpa meetings provide the foundation for the Leaders' Declaration, which also takes into account the outcome documents of various working groups.
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