G20 Summit 2023 Delhi Highlights: Check all the Important G20 Summit 2023 Highlights

Madhavi Gaur September 11, 2023 12:11 14859 0

Check out G20 Summit 2023 Delhi 1st Day Highlights and G20 Summit 2023 Delhi Highlights in this Comprehensive article on G20 Summit 2023.

G20 Summit 2023 Delhi Highlights: Check all the Important G20 Summit 2023 Highlights

G20 Summit 2023 Delhi 1st Day Highlights

G20 Summit 2023 Delhi Day 1 Highlights: During the opening session, a significant decision was made to grant the African Union permanent membership in the Group of 20. Various bilateral discussions took place, including a meeting between Indian Prime Minister Modi and British Prime Minister Rishi Sunak. Prime Minister Modi also announced the adoption of the G20 New Delhi Leaders’ Declaration and expressed gratitude to G20 sherpas, ministers, and officials for their dedicated efforts. Finance Minister Nirmala Sitharaman stated that India ‘walked the talk’ during its presidency.

The declaration addressed the Russia-Ukraine conflict, emphasizing the need for peace in today’s era. It also highlighted the negative impact of the conflict on supply chains, macro-financial stability, inflation, and growth. PM Modi introduced the Global Biofuel Alliance and launched the ‘India-Middle East-Europe Economic Corridor,’ a major rail and shipping connectivity project. India’s successful negotiations, supported by key countries like Brazil, South Africa, and Indonesia, played a crucial role in achieving consensus on the G20 declaration, overcoming divisions related to the Ukraine war.

**G20 Summit 2023 Delhi 1st Day Highlights**

G20 Summit 2023 Delhi Highlights

G20 Summit 2023 Delhi Highlights: The Group of 20 unanimously accepted the New Delhi Leaders Summit Declaration. Following its adoption, the government conducted a press conference to emphasize the achievements during India’s G20 presidency. Finance Minister Nirmala Sitharaman stated that the Indian presidency has devised solutions that align with the interests of all G20 member countries, providing a collective way forward. She also highlighted that many of the outcomes during this presidency encompass extensive strategies designed to benefit all developing nations.

Also Read: Bharat Mandapam

Important Outcomes from G20 Summit 2023 Day 1 Highlights

African Union Granted Permanent G20 Membership: In a groundbreaking decision during the opening session, the African Union was granted permanent membership in the G20, signifying a significant step toward inclusivity.
Bilateral Discussions: Numerous bilateral discussions unfolded, including a pivotal meeting between Indian Prime Minister Modi and British Prime Minister Rishi Sunak, reinforcing diplomatic ties.
Adoption of G20 New Delhi Leaders’ Declaration: Prime Minister Modi proudly announced the adoption of the G20 New Delhi Leaders’ Declaration, showcasing collective agreement and commitment.
Acknowledgment and Gratitude: PM Modi extended gratitude to G20 sherpas, ministers, and officials for their unwavering dedication to making the joint declaration possible.
India’s Presidency Walking the Talk: Finance Minister Nirmala Sitharaman asserted that India demonstrated its commitment and action during its presidency, emphasizing tangible results.
Addressing the Russia-Ukraine Conflict: The declaration addressed the Russia-Ukraine conflict, underlining the urgency for peace in today’s global landscape and its detrimental effects on supply chains, macro-financial stability, inflation, and economic growth.
Global Biofuel Alliance Launch: PM Modi introduced the Global Biofuel Alliance, rallying G20 nations to take ethanol blending with petrol to a global 20% standard.
India-Middle East-Europe Economic Corridor: Leaders inaugurated the India-Middle East-Europe Economic Corridor, a massive rail and shipping connectivity project, fostering economic integration across regions.
Successful Negotiations and Unity: Hard-fought negotiations led by India, with support from key countries such as Brazil, South Africa, and Indonesia, culminated in a united G20 declaration, dispelling doubts amid divisions related to the Ukraine war.
G20 Commitment to WTO Reforms: G20 leaders expressed their commitment to reform the World Trade Organisation (WTO) dispute settlement system by 2024.
G20 Leaders Dinner: President Droupadi Murmu hosted a lavish dinner for G20 leaders, featuring a diverse array of Indian culinary traditions.
US President Biden on Xi’s Absence: US President Joe Biden commented on the absence of China’s President Xi Jinping, stating that the summit was proceeding well despite it.
Nalanda University’s Legacy: The greeting area at the dinner featured the ruins of Nalanda University, highlighting India’s rich educational heritage.
Bilateral Talks and Meetings: Prime Minister Modi engaged in bilateral discussions with several leaders, including Italy’s PM Giorgia Meloni.
Global Biofuels Alliance Launch: India launched the Global Biofuels Alliance, urging G20 nations to join the initiative and increase ethanol blending with petrol to 20%.
India-Middle East-Europe Economic Corridor: PM Modi stressed the significance of the India-Middle East-Europe Economic Corridor, emphasizing its potential for sustainable development.
G20 Commitment to Cross-Border Payments: G20 nations committed to promoting faster, transparent, and inclusive cross-border payments, in line with the G20 roadmap.
UK-India FTA Discussions: India and the UK discussed their growing ties and progress towards delivering a UK-India Free Trade Agreement (FTA).
G20 Spouses Explore Indian Agriculture: The spouses of G20 leaders experienced India’s agricultural prowess through exhibitions and farm-to-fork experiences.
G20 Leaders Embrace Clean Energy: G20 countries committed to phasing down unabated coal power and eliminating inefficient fossil fuel subsidies.
Territorial Integrity and Sovereignty: The G20 declaration called for all states to uphold principles of territorial integrity, sovereignty, and peaceful conflict resolution.
Global Push for Crypto-Asset Policies: There is a global push for clearer policies on crypto-assets, gaining momentum and consensus among G20 nations.
G20 Urges Peace in Ukraine: The G20 New Delhi Leaders’ Declaration stressed the importance of peaceful conflict resolution and refraining from war in today’s era.
Achievements of India’s G20 Presidency: India’s G20 Presidency was marked by ambitious initiatives, a focus on climate financing, and successful negotiations on various fronts.
Record Stock Market Valuation: India’s strong economic growth and stock market performance set the stage for a significant presence at the G20 summit 2023.
Adoption of G20 New Delhi Leaders’ Declaration: Prime Minister Modi officially declared the adoption of the G20 New Delhi Leaders’ Declaration, signaling the successful outcome of Day 1.

Other Outcomes from G20 Summit 2023 Delhi Highlights

Sitharaman provided further details on the results of enhancing multilateral development banks (MDBs). There was a consensus reached regarding the necessity of improving MDBs to make them more robust and impactful. The G20 Independent Expert Group, tasked with strengthening MDBs, was established and has now presented the initial part of its report.

Additionally, there was an agreement to collectively enhance the financing capacity of the World Bank.
There was also support for the G20’s plan to implement the recommendations from an independent panel regarding the capital adequacy framework for MDBs.
This could potentially create an additional lending capacity of $200 billion over the next ten years, as stated by Sitharaman.
Furthermore, during India’s presidency, there has been a growing global effort to establish clearer policies and regulations for cryptocurrencies, and Sitharaman highlighted that there is now a global consensus forming on this matter.
The Finance Minister added that they had developed recommendations regarding financial inclusion and enhancing productivity through digital infrastructure. Sitharaman also noted that there was an agreement on establishing a debt relief framework for Zambia, Ghana, and Ethiopia.
Furthermore, she highlighted that the financing for sustainable and resilient cities in the future is now integrated into the framework and accessible to Multilateral Development Banks (MDBs).
As part of the G20’s progress in international taxation, there has been progress made in exchanging information on immovable properties.
Minister of External Affairs S. Jaishankar expressed particular satisfaction that the African Union has become a permanent member.
According to G20 sherpa Amitabh Kant, all 83 paragraphs of the joint declaration have received unanimous consensus from all countries.
He emphasized that the absence of footnotes or a chair’s summary in the G20 Declaration reflects India’s ability to bring all parties to a common understanding.

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G20 Summit 2023 Delhi 1st Day Highlights FAQs

Key decisions made during the initial day of the G20 Summit encompassed the endorsement of the New Delhi Leadership Declaration, the unveiling of a significant economic corridor connecting India, the Middle East, and Europe, and the formal inclusion of the African Union (AU) as a permanent member of the Group of 20.

The 2023 G20 New Delhi summit marks the 18th gathering of the G20 (Group of Twenty), convened from September 9th to 10th, 2023. This significant event is hosted at the Bharat Mandapam International Exhibition-Convention Centre, located in Pragati Maidan, New Delhi. Notably, it represents both India's inaugural G20 summit and the first-ever G20 summit to be hosted in South Asia.

India is proud to host its inaugural G20 Summit on September 9th and 10th, 2023, at the iconic Bharat Mandapam in New Delhi. This marks India's debut as a host for the G20 Summit.

The G20 is the foremost platform for global economic collaboration, serving as a pivotal force in shaping and fortifying worldwide structures and governance pertaining to key international economic matters.

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G20 Summit 2023 Delhi Highlights: Check all the Important G20 Summit 2023 Highlights

G20 Summit 2023 Delhi 1st Day Highlights

G20 Summit 2023 Delhi Highlights

Important Outcomes from G20 Summit 2023 Day 1 Highlights

Other Outcomes from G20 Summit 2023 Delhi Highlights