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G20 New Delhi Leaders Declaration

The G20 Summit's draft document encompasses a broad spectrum of global issues, reflecting the group's commitment to addressing complex challenges. It emphasizes strengthening public health systems, especially in light of the COVID-19 pandemic, supporting sustainable economic recovery, climate action, gender equality, and international cooperation on matters like terrorism, money laundering, and migration.

Additionally, the document underscores the importance of fostering digital innovation, securing the digital economy, and harnessing artificial intelligence responsibly. Overall, this comprehensive document demonstrates the G20's dedication to inclusive, sustainable, and resilient global development across multiple dimensions, from public health to technology and beyond.

Theme Of The 18th G20 Summit
The Theme of the 18th G20 Summit organised by India is (vasudhaiva kutumbakam - The world one is one family).

In the contemporary times, when there are multiple disputes between countries, the idea of one earth, one family instils community hood again. It emphasises unity in the world community. Addressing global issues like recession, poverty, unemployment requires global efforts of the whole global community and thus, this principle of "World Community" gains immense value to us. It just does not mean organised collective action. Like how, in a family, we all live happily as one, the whole world is one family without any differences (either of race, gender, country etc.)

Therefore, the theme is chosen carefully to remind us of our fraternity and make community efforts to resolve issues.

  1. Accelerate our actions to address development and climate challenges, promote Lifestyles for Sustainable Development (LiFE), and conserve biodiversity, forests, and oceans.
  2. Improve access to medical facilities and medicines to better deal with medical emergencies.
  3. Promote efficient addressal of debt vulnerabilities.
  4. Take up steps to set up Multilateral Development Banks to maximize global development impact.
  5. Make better access to digital services as well as digital infrastructure so as to bring in inclusivity.
  6. Promote sustainable and good employment that is safe and healthy.
  7. Eliminate gender gaps and promote full participation of women in the economy.
  8. Better integrate the perspectives of least developed countries (LDCs), landlocked developed countries (LLDCs), and small island developing states (SIDS).

Part - A: Strong, Sustainable, Balanced, And Inclusive Growth (Art. 15 - 22)

G20 leaders called for upholding international law, diplomatic resolutions, and peaceful conflict resolution while addressing global economic challenges. They acknowledged below-average economic growth, citing financial tightening, potential debt vulnerabilities, persistent inflation, and geopolitical tensions.

The leaders emphasized the necessity for balanced policies encompassing monetary, fiscal, financial, and structural aspects to reduce inequality and ensure stability. Policymakers must remain adaptable to achieve strong, sustainable, and inclusive growth. They also recognized the importance of central bank independence, targeted fiscal measures, supply-side policies, and exchange rate commitments set by Finance Ministers and Central Bank Governors in April 2021.

Development of Private Sector - Art 17
Private sector importance recognized with a focus on: inclusive global value chains, sustainable investments (FDIs), developing countries' projects via MDB expertise, and improving business environment. Additionally, a Start-up 20 Engagement Group initiated under India's leadership to promote startups and micro, small, and medium industries in the economy.

Free and Fair Trade - Art. 19
Emphasizing the importance of a rules-based, non-discriminatory, fair, open, inclusive, equitable, sustainable, and transparent multilateral trading system, with the World Trade Organization (WTO) at its core. The commitment is to support policies that enable trade and investment to serve as an engine of growth and prosperity for all.
  • Fair Competition and WTO Reform: The G20 reaffirms its commitment to a fair, non-discriminatory, and transparent multilateral trading system centred around the World Trade Organization (WTO). They aim to discourage protectionism and market-distorting practices while actively pursuing WTO reform through an inclusive process, with a goal of a fully functioning dispute settlement system accessible to all members by 2024.
  • MSMEs and Access to Information: Recognizing the challenges faced by Micro, Small, and Medium Enterprises (MSMEs), the G20 introduces the Jaipur Call for Action to enhance MSMEs' access to information and facilitate their integration into international trade, particularly in developing countries.
  • Global Value Chains (GVCs): The G20 endorses the G20 Generic Framework for Mapping Global Value Chains (GVCs), aiding member countries in identifying risks and strengthening their resilience within these chains.
  • Digitalization of Trade Documents: The G20 welcomes High-Level Principles on the Digitalization of Trade Documents, urging their implementation and encouraging other nations to consider adopting them.
  • Trade and Environment Policies: The document highlights the importance of aligning trade and environment policies, ensuring they are supportive of each other and consistent with WTO and multilateral environmental agreements.
  • Aid for Trade: The G20 acknowledges the significance of the WTO's 'Aid for Trade' initiative in enabling effective global trade participation, particularly for Least Developed Countries (LDCs). They express support for mobilizing the necessary resources to facilitate this goal.

Preparing for the Future of Work - Art. 20
Under the "Preparing for the Future of Work" section, the G20 outlines several commitments:
  1. Skilled Workforce and Migration: The G20 commits to addressing skill gaps, promoting decent work, and ensuring inclusive social protection policies. They endorse well-managed, regular, skills-based migration pathways.
  2. Global Skill Gap Analysis: Efforts to map global skill gaps and establish G20 policy priorities for addressing these gaps, improving data, and extending skills databases to G20 nations are welcomed.
  3. International Occupation Classification: Consideration for an international occupation classification based on skill and qualification requirements to facilitate cross-country comparability and recognition.
  4. Digital Upskilling and Reskilling: Welcoming a toolkit for adaptable digital upskilling and reskilling programs.
  5. Social Protection and Decent Work: Aiming for sustainable universal social protection and portability of social security benefits.
  6. UN Global Accelerator on Jobs and Social Protection: Recognizing the cultural and creative sector's significance for inclusive growth and decent work.
  7. Gig and Platform Workers: Ensuring social protection and decent conditions for these workers.
  8. Elimination of Child and Forced Labor: Increased efforts to eliminate child and forced labor in global value chains.

Under Art. 21, G20 seeks to re-emphasize on its G20 Policy Recommendations for Advancing Financial Inclusion and Productivity Gains through Digital Public Infrastructure. It is trying to achieve financial inclusion and the digitalisation of the member countries. It also focuses on developing MSMEs through the G20 2023 Financial Inclusion Action Plan (FIAP).

Art. 22 provides extensive details on Policy measures and Convention guidelines regarding Corruption. Way to address corruption, punishments etc. Light is also shone upon the OECD Anti-Bribery Convention.

Part B: Accelerating Progress On Sustainable Development Goals (Sdgs) (Art. 23 -31)

We are already half-way through the decade and we have achieved only 12% of the set targets of Sustainable Development Agenda 2030. Therefore, emphasis has been made to accelerate progress on SDGs. Committing to take collective action for effective and timely implementation of the G20 2023 Action Plan to Accelerate Progress on the SDGs, ensuring that no one is left behind.
  1. Digital Transformation and Financing
    Recognizing the role of digital transformation, AI, data advances, and the need to address digital divides. Committing to mobilize affordable, adequate, and accessible financing from all sources to support developing countries in their domestic efforts to address bottlenecks for implementing the 2030 Agenda.
  2. Tourism and Culture
    Highlighting the crucial role of tourism and culture as a means for sustainable socioeconomic development and economic prosperity. Mentioning the Goa Roadmap for Tourism as a vehicle for achieving the SDGs.
  3. G20 Cooperation and Partnerships
    Committing to enhancing G20 cooperation and partnerships to address challenges in the implementation of the 2030 Agenda. Expressing support for UN efforts and processes related to the SDGs.

Eliminating Hunger and Malnutrition - Art 26
Hunger and malnutrition are major problems affecting people all around the world.
  1. Climate-Resilient and Nutritious Grains
    • Encouraging efforts to strengthen research cooperation on climate-resilient and nutritious grains.
    • Emphasizing the importance of increasing access to, availability, and efficient use of fertilizer and agricultural inputs.
  2. Sustainable Agriculture
    • Committing to accelerating innovations and investments focused on increasing agricultural productivity, reducing food loss and waste, and improving marketing and storage to build more sustainable and climate-resilient agriculture and food systems.
  3. Access to Nutritious Diets
    • Committing to support developing countries in addressing their food security challenges and enabling access to affordable, safe, nutritious, and healthy diets.
  4. Trade in Agriculture
    • Committing to facilitate open, fair, predictable, and rules-based agriculture, food, and fertilizer trade, reducing market distortions in accordance with relevant WTO rules.
  5. Agricultural Market Transparency
    • Committing to strengthening the Agricultural Market Information System (AMIS) and the Group on Earth Observations Global Agricultural Monitoring (GEOGLAM) for greater transparency in food markets and to avoid food price volatility.
Global Health and One Health Approach - Art. 28
  • The G20 reaffirms its commitment to strengthening global health and implementing a One Health approach:
    1. Primary Health Care and Health Workforce - Focusing on strengthening primary health care, ensuring adequate numbers of health workers, and improving access to essential health services, medicines, and vaccines, especially in low-income countries.
    2. Pandemic Preparedness- Acknowledging the importance of pandemic preparedness and response, calling for the full and timely implementation of the International Health Regulations (2005).
    3. Antimicrobial Resistance (AMR) - Committing to implementing a One Health approach to combat AMR by improving infection prevention and control, and promoting responsible and sustainable use of antimicrobials.
Delivering quality Education - Art. 30
  1. The members understand the requirement for investment in human capital. In this view, they have committed to:
    1. Provide quality basic education.
    2. Remove digital divide affecting students.
    3. Helping educational institutions to keep up with technological advancements like AI.
    4. Expanding access to high-quality Technical and Vocational Education and Training (TVET).
    5. Improving the mobility of students.

Part - C. Green Development Pact For A Sustainable Future (Art. 32 - 46)

Climate Change Mitigation and Adaptation

Committing to strengthening the implementation of multilateral environmental agreements and their enforcement mechanisms. The G20 addresses its commitment to climate change mitigation and adaptation:

1.5�C Goal - Committing to implementing and enhancing climate action to limit global warming to 1.5�C above pre-industrial levels.

Climate Finance - Strengthening efforts to provide climate finance to support developing countries in their mitigation and adaptation efforts.

The G20 nations are committed to addressing climate change urgently, aligning with the Paris Agreement, limiting global warming, reassessing climate targets, promoting sustainable lifestyles, and embracing circular economy principles, all while considering the macroeconomic impacts of these efforts. These commitments reflect a strong commitment to environmental sustainability and responsible economic growth.

Clean, Sustainable, and Inclusive Energy Transitions - Art. 38
G20 emphasizes energy security, open markets, and inclusive investments aligning with sustainability and climate goals. They aim to provide low-cost financing for developing countries transitioning to clean energy, support hydrogen markets, triple global renewable energy capacity, and advance clean energy technology. Commitment to phasing out inefficient fossil fuel subsidies and scaling up clean power generation while phasing down unabated coal is key.

Conserving, Protecting, Sustainably Using, and Restoring Ecosystems - Art. 42:
G20 acknowledges ecosystem degradation due to global warming, pledging to restore 30% of degraded ecosystems and work towards land degradation neutrality. Implementation of the Kunming-Montreal Global Biodiversity Framework is crucial. They commit to avoiding discriminatory green economic policies and raising finance for forest conservation, particularly for developing countries.

Harnessing and Preserving the Ocean-based Economy - Art. 43: G20 seeks to make the United Nations Convention on the Law Of the Sea on marine biodiversity beyond national jurisdiction legally binding. They condemn illegal fishing and destructive methods.

Ending Plastic Pollution - Art. 44: G20 upholds the UNEP resolution to create a binding international instrument on plastic pollution.

Reducing Disaster Risk and Building Resilient Infrastructure - Art. 46: G20 reaffirms the Sendai Framework for Disaster Risk Reduction (SFDRR), emphasizing its accelerated implementation, early warning and action, capacity building, and mutual learning from recovery experiences.

Part D : Multilateral Institutions For The 21st Century (Art. 47 - 54)

Reforming International Financial Institutions
The G20's vision for transforming international development finance in the 21st century centres on enhancing the effectiveness of Multilateral Development Banks (MDBs) to address the unique challenges facing developing countries, particularly those most vulnerable. They aim to create a more robust and responsive financial system capable of delivering on a larger scale and maximizing development impact. Key priorities include increasing MDB financing capacity, enhancing representation for developing countries in global economic institutions, and promoting domestic resource mobilization in emerging economies.

The G20 emphasizes the need to evolve MDBs to meet the 21st-century challenges while adhering to their commitment to Sustainable Development Goals (SDGs). They encourage MDBs to adopt innovative financing models, leverage private capital, and explore new partnerships. Additionally, the G20 is committed to boosting the World Bank's capacity and supporting the poorest nations through initiatives like IDA21 replenishment.

In terms of IMF reform, the G20 seeks to revisit quotas and governance structures while maintaining the IMF's resource envelope. They also underscore the importance of channelling Special Drawing Rights (SDRs) through MDBs, especially for Africa, and exploring ways to put the Poverty Reduction and Growth Trust (PRGT) on a sustainable footing. IMF surcharge policy and precautionary arrangements are areas of continued discussion and assessment.

Part D : Multilateral Institutions For The 21st Century (Art. 47 - 54)

Technology is a catalyst for closing digital gaps and advancing inclusive and sustainable development. Digital Public Infrastructure (DPI), a shared system by public and private sectors, can provide societal-scale services when built on secure, open standards, and open-source software. Efforts are being made to ensure DPI interoperability, respecting data flow and legal frameworks. Additionally, there's a reaffirmation of the role of data in development

Building Digital Public Infrastructure - Art. 56: The G20 recognizes the significance of secure and inclusive Digital Public Infrastructure (DPI) and welcomes the G20 Framework for DPI development. India plans to establish the Global Digital Public Infrastructure Repository (GDPIR), while acknowledging the role of the One Future Alliance (OFA) in enhancing DPI in less developed countries.

Building Safety, Security, Resilience, and Trust in the Digital Economy - Art. 57: The G20 embraces non-binding G20 High-level Principles aimed at ensuring a safe and secure digital economy. They also welcome the G20 Toolkit designed to promote cyber awareness among youth.

Crypto-assets: Policy and Regulation - Art. 58: G20 countries support the high-level recommendations proposed by the Financial Stability Board (FSB) regarding crypto-assets. They endorse the IMF-FSB Synthesis Paper and its comprehensive regulatory roadmap, emphasizing adherence to global standards set by FATF to combat money laundering.

Central Bank Digital Currency (CBDC) - Art. 59: G20 members support discussions concerning the macro-financial impacts of Central Bank Digital Currencies (CBDCs) and welcome the insights from the BIS Innovation Hub's report on CBDC lessons.

Fostering Digital Ecosystems: G20 nations promote the development of safe and resilient digital ecosystems with a focus on digital technology for farmers, digital health, and cultural heritage preservation.

Harnessing AI Responsibly for Good and for All: G20 countries commit to the responsible use of artificial intelligence (AI), ensuring the protection of human rights and privacy. They reaffirm their dedication to the G20 AI Principles, promote AI's role in achieving Sustainable Development Goals (SDGs), and emphasize international cooperation for AI governance.

Part F: International Taxation (Article 62)

Participating countries reiterate their commitment to establishing a fair and contemporary global tax system. They report substantial advancements in the two-pillar international tax package, particularly regarding Pillar One, which includes the development of a Multilateral Convention (MLC) and streamlined application of the arm's length principle for in-country marketing and distribution activities (Amount B).

Pillar Two's Subject to Tax Rule (STTR) has been completed. The nations aim to resolve pending MLC issues and prepare it for signature by late 2023, with Amount B work targeted for completion by the end of 2023. Countries are supportive of the Global Anti- Base Erosion (GloBE) Rules as a common approach and emphasize the importance of coordinated capacity-building efforts, including support for developing countries, as outlined in the 2023 update of the G20/OECD Roadmap on Developing Countries and International Taxation.

They call for the prompt adoption of the Crypto Asset Reporting Framework (CARF) and revisions to the Common Reporting Standard (CRS). It requests the Global Forum on Transparency and Exchange of Information for Tax Purposes to establish a coordinated timeline for exchanges by relevant jurisdictions, with many aiming to start CARF exchanges by 2027. Progress on this initiative will be reported in future meetings. The statement also acknowledges two reports: the OECD's report on enhancing international tax transparency in real estate and the Global Forum's report on facilitating the use of tax-treaty-exchanged information for non-tax purposes.

Part G: Gender Equality And Empowering All Women And Girls (Art. 63 - 68)

Enhancing Economic and Social Empowerment: Art. 64 - The G20 underscores gender equality's significance, committing to women's active participation in decision-making, bridging labour force gaps, ensuring quality education access, closing the gender pay divide, tackling violence, and promoting women's financial inclusion.

Bridging the Gender Digital Divide: Art. 65 - Aiming to halve the digital gender gap by 2030, the G20 pledges to address gender barriers, foster regulatory policies enabling women's involvement in digital strategies, eliminate digital risks, encourage women-led businesses, and empower women in the digital sector.

Driving Gender Inclusive Climate Action: art. 66 - Recognizing climate change's disproportionate impact on women, the G20 commits to their enhanced participation in climate action, supporting gender-responsive solutions, particularly in areas like water and hygiene.

Securing Women's Food Security, Nutrition, and Well-Being: Art 67- The G20 promotes inclusive, resilient agriculture and food systems, accessible nutrition, and women-focused agri-value chain innovation.

Creation of a Working Group on the Empowerment of Women: Art. 68- The G20 establishes a Working Group on Women's Empowerment, boosting women's development in tandem with its Women's Ministerial.

Part H: Financial Sector Issues (Art. 69 -71)

Support for NBFI Resilience: The G20 strongly backs the Financial Stability Board (FSB) and standard-setting bodies' efforts to enhance non-bank financial intermediation (NBFI) resilience. They welcome FSB reports on liquidity issues in open-ended funds, leverage in NBFI, and cybersecurity.

Cross-Border Payments: The G20 reaffirms its commitment to improving cross-border payments by 2027, endorsing actions laid out in the G20 Roadmap. They appreciate the G20 TechSprint 2023 initiative to enhance cross-border payment solutions.

Climate Risks: The G20 welcomes the FSB's annual progress report on addressing financial risks from climate change, highlighting their commitment to climate resilience in the financial sector.

Corporate Governance: They endorse revised corporate governance principles that support sustainability and access to capital markets, promoting the resilience of the broader economy.

Sustainable Capital Flows: The G20 emphasizes the promotion of sustainable capital flows and acknowledges reports on investment requirements and risk management in green transitions by the OECD.

Part I: Countering Terrorism And Money Laundering (Art. 72 - 75)

The G20 unequivocally condemns terrorism, including acts rooted in xenophobia, racism, or religious intolerance, recognizing it as a severe threat to global peace. They condemn all terrorist actions against critical infrastructure and emphasize the importance of comprehensive counterterrorism measures while safeguarding human rights. Combatting illicit small arms trafficking and diversion is a priority, emphasizing international cooperation.

The G20 commits to supporting the resource needs of the Financial Action Task Force (FATF) and urges others to do the same. They prioritize implementing FATF's standards on beneficial ownership transparency and asset recovery to counter money laundering. The G20 backs regulatory frameworks for virtual assets, addressing terrorism financing, money laundering, and proliferation financing risks.

They endorse FATF's efforts to expedite global standard implementation, including the "travel rule," and its work addressing emerging technology-related risks such as decentralized finance (DeFi) arrangements and peer-to-peer transactions.

Part J: Creating A More Inclusive World (Art. 76-79)

The G20 welcomes the African Union as a permanent member, recognizing Africa's global economic significance and pledging to strengthen ties and support the African Union's Agenda 2063. They express strong backing for Africa, including through initiatives like the G20 Compact with Africa and industrialization support in Africa and LDCs. The G20 aims to deepen cooperation with regional partners.

They reaffirm their commitment to supporting migrants, ensuring their human rights and fundamental freedoms, addressing irregular migration, and cooperating with countries of origin, transit, and destination. Additionally, they emphasize religious and cultural diversity, dialogue, and tolerance, and condemn acts of religious hatred. The G20 remains dedicated to integrating developing countries' perspectives into its agendas.

The G20's commitments in the digital and technology spheres underscore their recognition of the transformative impact of the digital economy. They prioritize secure and inclusive Digital Public Infrastructure (DPI), with India leading the establishment of the Global Digital Public Infrastructure Repository (GDPIR) and the One Future Alliance's support for less developed countries.

The G20 embraces non-binding High-level Principles for a secure digital economy and supports comprehensive regulation of crypto-assets in line with global standards. They explore Central Bank Digital Currencies (CBDCs), foster resilient digital ecosystems, and promote responsible AI use for sustainable development. These commitments reflect their dedication to navigating the challenges and opportunities of the digital age for global prosperity.

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