Page 3 - G20 Meet

G20 commits to WTO reforms, aims for dispute settlement system by 2024

The G20 leaders on Saturday expressed their commitment to conduct discussions for having a fully and well-functioning dispute settlement system of the World Trade Organisation (WTO) by 2024. Besides formulating norms for global exports and imports, the Geneva-based 164-member multi-lateral body adjudicates trade disputes among the member countries. The dispute settlement mechanism of the WTO has been derailed due to a non-functional appellate body since December 2019. "We reiterate the need to pursue WTO reform to improve all its functions through an inclusive member-driven process, and remain committed to conducting discussions with a view to having a fully and well-functioning dispute settlement system accessible to all members by 2024, the G20 declaration said. It said that the leaders expressed commitment to work constructively to ensure positive outcomes at the WTO's Thirteenth Ministerial Conference (MC13). MC, which is the highest decision-making body of the WTO, is schedul

Improve biz environment to realise investment target: Japan PM urges Modi

Japanese Prime Minister Fumio Kishida on Saturday urged Prime Minister Narendra Modi to improve the business environment in India to realise the 5 trillion yen investment target. Kishida conveyed this to Modi during a bilateral meeting on the sidelines of the G20 Summit here, Japanese officials said. According to the officials, Kishida stated that Japan-India relations have steadily progressed in recent years and called for cooperation in improving the investment environment in India toward the realisation of the five trillion yen target of public and private investment and financing from Japan to India in the next five years, which was set in March last year. Both the leaders welcomed the provision of a 400 billion yen loan for the high-speed rail construction project in India, which is underway, they said. "Held productive talks with PM Kishida. We took stock of India-Japan bilateral ties and the ground covered during India's G20 Presidency and Japan's G7 Presidency. We are eager

It speaks volumes of India's rise: FICCI prez on G20 summit Declaration

Earlier today External Affairs Minister S Jaishankar said that the G20 Leaders's Summit Declaration adopted on Saturday focuses on promoting strong, sustainable, balanced and inclusive growth

From Paatram to Madhurima, what's on the menu for G20 grand dinner

The gala dinner was hosted at the state-of-the-art Bharat Mandapam, the main venue for the 18th G20 Leaders' Summit at Delhi's Pragati Maidan

Global Biofuel Alliance, UK-Middle-East economic corridor launched at G20

GBA becomes the third multilateral initiative launched by the Central government

Biden to Kishida, what G20 leaders had to say about economic corridors

From strengthening connectivity to enabling global cooperation, leaders a the 2023 G20 Summit speak about the progress, achievement and potential of partnership of global infrastructure and investment

G20 countries to focus on skill gaps, work and social protection policies

To prepare for the future of work, the leaders of the world's top economies welcomed efforts to map global skill gaps and the development of a G20 policy to address skill gaps globally

G20 LIVE: PM Modi, Prez Murmu join G20 leaders, delegates at grand dinner

G20 Summit: India is hosting the event which is being attended by the leaders from 30 countries and the European Union. Catch all the live updates here

G20 Summit: Global Biofuel Alliance & other initiatives launched by India

Global Biofuel Alliance, G20 Satellite Mission for Environment and Climate Observation, and Green Credit Initiative among initiatives launched under India's G20 Summit presidency

G20 nations have unanimously adopted New Delhi Declaration: Amitabh Kant

G20 has made India ready for the world, and the world ready for India, says External Affairs Minister S Jaishankar

India-Middle East-Europe economic corridor launched at Delhi G20 Summit

Lauding the launch of the India-Middle East-Europe connectivity corridor, Prime Minister Narendra Modi said that a historic agreement was concluded today

President Murmu, PM Modi welcome G20 leaders, delegates at grand dinner

President Droupadi Murmu and Prime Minister Narendra Modi on Saturday welcomed G20 leaders and delegates at a grand dinner hosted for them at Bharat Mandapam, the venue for the Summit, here. They welcomed the guests before the start of the dinner at a dais, with its backdrop depicting the ruins of the Nalanda University in Bihar and India's G20 presidency theme -- 'Vasudhaiva Kutumbakam - One Earth, One Family, One Future'. Nalanda university ruins, a UNESCO world heritage site in Bihar, was one of the oldest universities of the world. President Murmu is hosting the ceremonial dinner for the G20 leaders, international delegates and other dignitaries at the Bharat Mandapam. The newly built international convention and exhibition centre and its verdant lawns dazzled at night with colourful illumination while its gurgling fountains and the 'Nataraja' statue placed on front of the state-of-the-art building created a pretty picture. UN Secretary General Antonio Guterres, International

Trillions needed to meet Paris climate goals: G20 under India's presidency

The G20, under India's presidency, on Saturday said that developing countries will need USD 5.9 trillion in the pre-2030 period to implement their national climate plans effectively, with the aim of holding global warming to well below 2 degrees Celsius, preferably 1.5 degrees Celsius. To achieve net-zero emissions by 2050, developing countries will require approximately USD 4 trillion annually for clean energy technologies by 2030, the bloc said. The G20 also urged developed countries to fulfil their commitment to double their collective adaptation finance provision by 2025, compared to 2019 levels. Comprising nations responsible for 85 per cent of the world's GDP and 80 per cent of emissions, the G20 emphasised the need for increased global investments to align with the goals of the Paris Agreement. They called for a substantial scaling up of investment and climate finance, transitioning from billions to trillions of dollars from all sources. The New Delhi Leaders' Declaration,

Indian G20 presidency has walked the talk on MDBs, inclusion: FM Sitharaman

Expert group report on MDB reforms, IMF-FSB synthesis note on crypto to be taken up in next finance track meeting in Marrakesh

G20 New Delhi Declaration highlights: Peace, prosperity, sustainable growth

Amitabh Kant, India's Sherpa to G20, stated that the declaration focused on strong, sustainable growth, sustainable development goals, green development pacts, and multilateralism

G20 countries reaffirm commitment to zero toleration for corruption

The G20 grouping which met under India's leadership on Saturday in its Delhi Declaration reaffirmed its commitment to zero tolerance for corruption and called for strengthening law enforcement-related international cooperation and information sharing for combating graft. The joint Declaration also called for strengthening asset recovery mechanisms for combating corruption "We reaffirm our commitment to zero tolerance for corruption. We endorse the three G20 High-level principles on: Strengthening law enforcement related international cooperation and information sharing for combating corruption; Strengthening asset recovery mechanisms for combating corruption and promoting integrity and effectiveness of public bodies and authorities responsible for preventing and combating corruption," the Declaration said. The G20 also reaffirmed its support to enhance global efforts to seize, confiscate and return criminal proceeds to victims and states, in line with international obligations and .

G20 leaders decide on swift implementation of crypto reporting framework

The G-20 leaders on Saturday decided on swift implementation of the reporting framework for crypto assets, saying a significant number of member nations want information exchange on such non-financial assets to start by 2027. The Crypto Asset Reporting Framework (CARF) or template is being developed to make sure that such non-financial assets are not used by tax evaders to conceal their unaccounted wealth. "We call for the swift implementation of the CryptoAsset Reporting Framework ("CARF") and amendments to the CRS. We ask the Global Forum on Transparency and Exchange of Information for Tax Purposes to identify an appropriate and coordinated timeline to commence exchanges by relevant jurisdictions," said the G20 Leaders' declaration, which was adopted by consensus. The leaders of 20 developing and developed nations have reaffirmed the commitment to continue cooperation towards a globally fair, sustainable and modern international tax system appropriate to the needs of the 21st ...

G20 can play big role in furthering empowerment of women: PM Modi

Prime Minister Narendra Modi on Saturday highlighted the leveraging of technology by India to bring a positive difference in the lives of citizens. Addressing the G20 Summit, he also spoke on how to collectively think about empowering fellow humans and making the planet more inclusive as well as sustainable. He said on X that at the "One Family" session of the summit, he emphasised on ways to further youth development and focus on skill development. "Also highlighted how to increase the spirit of trust and transparency in areas like global supply chains. India is also committed to furthering holistic health and wellness. The G20 can also play a big role in furthering empowerment of women," he said. The prime minister said that "at the One Family Session of the G20 Summit, elaborated on how to collectively think about empowering fellow humans and making our planet more inclusive as well as sustainable". "Gave the example of how technology has been leveraged to bring a positive ...

G20 to accelerate phasedown of coal power in line with circumstances

G20 countries on Saturday committed to expedite efforts to phase down unabated coal power in line with national circumstances and uphold their 2009 promise made in Pittsburgh to eliminate and rationalise inefficient fossil fuel subsidies. According to the G20 New Delhi Leaders' Declaration, the grouping of major economies acknowledged the importance of hastening the development, deployment, and dissemination of technologies to transition to low-emission energy systems, particularly by rapidly expanding the deployment of clean power generation. "We will increase our efforts to implement the commitment made in 2009 in Pittsburgh to phase-out and rationalise, over the medium term, inefficient fossil fuel subsidies that encourage wasteful consumption and commit to achieve this objective, while providing targeted support for the poorest and the most vulnerable," the G20 Declaration read. It further stated, "We recognise the importance to accelerate the development, deployment and ...

India's G20 presidency prioritised addressing concerns of Global South: EAM

The G20 has contributed to making "India world-ready and the world India-ready", External Affairs Minister S Jaishankar said on Saturday as he underlined that India's presidency of the grouping prioritised addressing urgent concerns of the Global South. Addressing a press briefing on the G20 Summit outcomes, Jaishankar said the African Union became a member of the grouping under India's presidency which was in keeping with the priority that the country attaches to addressing urgent concerns of the Global South. "You would recall that at the beginning of our presidency, at Prime Minister Narendra Modi's initiative, 125 nations were consulted to express voice of the Global South," he said. "In terms of organisation and programme, the Indian presidency, if I may say so, has been exceptional. Events have been spread across 60 cities which are truly across the length and breadth of India. There has been a popular participation and a societal involvement of an extraordinary degree," ...