India’s Foreign Minister Subrahmanyam Jaishankar has said that the absence of China’s President Xi Jinping and Russia’s President Vladimir Putin from the G20 summit in New Delhi is not unusual and has nothing to do with India. He told the ANI news agency that the decision of the two leaders to skip the summit was their own and he would not see it as a sign of displeasure with India.
Jaishankar said that the sherpa negotiations for the summit were ongoing and he hoped to arrive at a consensus declaration at the end of the two-day meeting. He said that the expectations from the G20 were very high and India faced the challenge of dealing with a very difficult world reeling under the impact of the pandemic, conflict, climate change, debt and politics.
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G20 leaders aim to find solutions to global problems
The G20 summit, which began on Thursday, brings together the leaders of the 20 major economies of the world to discuss and find solutions to some of the most pressing problems facing humanity. The theme of this year’s summit is “Towards an Inclusive, Resilient and Sustainable Recovery”. Some of the key issues on the agenda include global health, economic recovery, climate action, digital transformation, gender equality and food security.
However, the summit also faces a deep geopolitical divide over the war in Ukraine, where Russia has amassed tens of thousands of troops near its border and threatened to intervene if NATO expands its presence in the region. The United States and its allies have condemned Russia’s aggression and vowed to support Ukraine’s sovereignty and territorial integrity. The absence of Putin and Xi, as well as the divisions over the war, mean that it would be difficult to arrive at a consensus Leaders Declaration at the end of the summit, analysts and officials have said.
Biden focuses on World Bank reform and climate finance
U.S. President Joe Biden, who is attending the summit virtually, has said that he will focus on reforming the World Bank and urging other multilateral development banks to boost lending for climate change and infrastructure projects during the summit. He said that he will also seek to advance his Build Back Better World initiative, which aims to provide high-quality, transparent and sustainable infrastructure financing to low- and middle-income countries.
Biden said that he will also discuss with other leaders how to strengthen global health security and pandemic preparedness, as well as how to ensure equitable access to vaccines and therapeutics. He said that he will also raise the issue of human rights and democracy, especially in relation to Myanmar, Afghanistan and Ethiopia.
Kishida hopes to discuss digital issues and food security
Japanese Prime Minister Fumio Kishida, who is attending his first G20 summit since taking office in October, has said that he hopes to discuss digital issues and food security with other leaders. He said that he will propose a framework for international cooperation on digital governance, which would include rules on data protection, cybersecurity and taxation. He said that he will also stress the importance of ensuring a stable supply of food amid rising prices and climate shocks.
Kishida said that he will also seek to enhance cooperation on climate change, especially on achieving net-zero emissions by 2050 and raising climate finance for developing countries. He said that he will also reaffirm Japan’s commitment to supporting peace and stability in the Indo-Pacific region, as well as promoting free trade and innovation.
India seeks global framework to regulate crypto assets
India, which holds the presidency of the G20 this year, has said that it is seeking a global framework to regulate crypto assets, which have seen a surge in popularity and volatility in recent years. India’s Finance Minister Nirmala Sitharaman said that she will raise the issue at the summit and seek inputs from other countries on how to deal with the challenges posed by crypto assets.
Sitharaman said that India is not against innovation in fintech, but it needs to balance it with financial stability and consumer protection. She said that India is also working on its own legislation on crypto assets, which would provide clarity on their legal status and taxation.