G20 New Delhi Leaders’ Declaration

Source: The post is based on the article “G20 New Delhi Leaders’ Declaration”  published in PIB on 11th September 2023

What is the News?

The leaders at India’s G20 Summit 2023 arrived at a joint communique — called the G20 New Delhi Leaders’ Declaration.

What is the G20 New Delhi Leaders’ Declaration?

Source: Indian Express

Russia-Ukraine War: The declaration has been able to include the mention of the war.

– It said that today’s era must not be of war. The leaders also underscored that all states must act in a manner consistent with the Purposes and Principles of the UN Charter in its entirety.

– The leaders also acknowledged the impact of the war on global food and energy security, supply chains, macro-financial stability, inflation and growth.

Economic Growth: The declaration acknowledges the challenges faced by MSMEs.It welcomes the Jaipur call for action to help in integration of MSMEs in international trade. 

– The leaders have also committed to strengthen multilateral development banks, which was a key agenda for the Indian presidency.

Gender Equality: The declaration reaffirms that gender equality is of fundamental importance, and that investing in the empowerment of all women and girls, has a multiplier effect in implementing the 2030 Agenda.

On Terrorism: The leaders condemned all forms of terrorism and committed to meet the needs of the Financial Action Task Force (FATF) and FATF Style Regional Bodies.

Green Development Pact for a Sustainable Future: It stresses the need to implement clean, sustainable, just, affordable, and inclusive energy transitions.

– One important element is the mention of the need to build reliable, diverse, responsible, and sustainable value chains of critical minerals, semiconductors and related technologies.

Multilateral Institutions for the 21st Century: It speaks of reforming international financial institutions.

– One of the most important elements is that reform of the UN Security Council was agreed to for the first time in the G20 and there was a strong push towards reforms for better, bigger, and more effective Multilateral Development Banks (MDBs).

– They also called for managing debt vulnerabilities of low and middle-income countries and the start of exchange of tax-relevant information on crypto assets by 2027.

​​Technological Transformation & Digital Public Infrastructure: This chapter contains elements of building digital public infrastructure, crypto-assets, and harnessing Artificial Intelligence (AI) responsibly.

– On AI, they agreed to pursue a pro-innovation regulatory/governance approach that maximizes the benefits and takes into account the risks associated with the use of AI.

– The G20 leaders also agreed on a G20 framework for digital public infrastructure and Global Digital Public Infrastructure Repository (GDPIR).The framework calls for building interoperable solutions and formulating laws that can ensure that DPIs are safe, secure, trusted, and governed transparently.

– It also talks about a comprehensive toolkit which is aimed at improving cyber education and cyber awareness for the protection and empowerment of children and youth.

– Another key win for India’s G20 presidency was to gather consensus around creating a global regulatory framework for crypto-assets.