G-20 Place To Strengthen Global Financial Stability
Post on 27,July 2019   3:00 AM
By - Miss. Vibha Yadav
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About

  • The summit on financial markets and the world economy.
  • 11th summit in Osaka, Japan.
  • International forum for the governments and central bank governors.
  • The promotion of international financial stability.

Importance of grouping

  • Members represent
    • Global GDP - 85%
    • Global trade - 75%
    • World's population - 2/3rd.
  • Presidency rotate annually.
  • Not have a permanent secretariat. Informal political forum.
  • Sherpa - personal representative of the leader of a member countries.

Crucial happenings
  • Discussions on subjects like trade, energy, climate change etc.
  • India targeted to become $5 trillion economy in 5 years.
    • Social sector as its top priority
    • Focus on infrastructure development.
    • PM Highlighted the deficiency of resources.
  • India-Japan signed exchange of letter on Ahmedabad-kobe sister city partnership.
  • India invited G-20 members to join a global coalition on disaster resilience.
  • India - Indonesia set USD 50 billion targets for bilateral trade.
  • India refused to attend the digital economy summit as his plan for "Data free flow with trust " runs counter to RBI's proposed data localisation guidelines.
2 Tri-lateral meetings
  1. JAI(Japan-US-india)
    • 2nd of kind
    • Indo-Pacific region, Connectivity and infrastructure development
  2. RIC(Russia-India-China)
    • Expand cooperation in 5G network, high technology, connectivity, energy and other areas.
    • Reforming WTO based on consensus.
    • China pointed out that rise of protectionism and unilateralism had seriously affected the stability of global landscape.
Informal BRICS meet
  • Terrorism, the biggest threat to humanity.
  • There is need to stop all the medium of support to terrorism and racism.
  • India is taking aggressive steps
    • Mitigate the effects of climate change 
    • Expand renewable energy
    • Automobile industry to shift to electric mobility.
Reduce the trade tension was another big concern though after discussion no breakthrough or big deals.
Conclusion
  • G-20 is an imp platform to discuss pressing issues and it must not be detected from it's original purposes.
  • India will host G-20 summit in 2022 and it should lead the exercise in making G-20 more effective.

 

 


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