G-20 Summit, India 2023: A New Era of Cooperation

Summary

G-20 Summit India 2023: A New Era of Cooperation- The G20 Summit in India 2023 brought together significant economies to discuss global issues and promote a sustainable future. The G20 Leaders focused on six thematic priorities: sustainable development, financial inclusion, digital economy, climate change, agriculture, and reforms for women empowerment for socio-economic progress. They also achieved 100% consensus around the New Delhi Declaration, which reflects the collective vision of the G20 Leaders for a sustainable and equitable future.

Introduction

In 1999, a group of 19 sovereign countries and the EU formed an intergovernmental forum to provide a platform for industrialized and developing economies to dialogue on critical issues in the global economy. The forum started out as a meeting of finance ministers and central bank governors. Still, following the global financial crisis in 2008, the urgent need for a meeting of the G20 at the Leaders’ level emerged. Since then, the G20 has organically evolved, transforming itself from a global firefighter into a unique international forum to address long-term structural challenges.

The G20 plays a vital role in shaping and strengthening global economic cooperation and addressing significant issues related to the global economy, such as international financial stability, climate change mitigation, and sustainable development. The G20 Leaders’ Summit in India 2023 focused on six thematic priorities: sustainable development, financial inclusion, digital economy, climate change, agriculture, and reforms for women empowerment for socio-economic progress. The summit brought together significant economies to discuss global issues and promote a sustainable future.

G20 Summit in India 2023

The G20 Summit in India 2023 theme was “One Earth, One Family, One Future,” which affirms the value of humans, animal, plant, and microorganisms and their interconnectedness on planet Earth and in the more expansive universe. The summit covered various topics, including agriculture, anti-corruption, culture, digital economy, disaster risk reduction, development, education, employment, environment and climate sustainability, energy transitions, health, trade and investment, and tourism. The G20 Summit 2023 theme was “Vasudhaiva Kutumbakam,” a Sanskrit phrase that means “the world is one family.”

The theme reflects India’s pro-planet approach to life, one in perfect harmony with nature. It affirms the value of all life – human, animal, plant, and microorganisms – and their interconnectedness on Earth and in the more expansive universe. The theme is rooted in ancient Sanskrit texts and aims to achieve a cleaner, greener, and bluer future for all. The significance of the theme ‘Vasudhaiva Kutumbakam’ in the G20 New Delhi Leaders’ Declaration is that it conveys a powerful message of India’s G20 Presidency, which is of striving for just and equitable growth for all in the world as we navigate through these turbulent times, in a sustainable, holistic, responsible, and inclusive manner.

Six thematic priorities of the G20 summit in 2023:

One Earth, One Family, One Future: The summit focused on “One Earth, One Family, One Future,” which affirms the value of human, animal, plant, and microorganisms and their interconnectedness on planet Earth and in the more expansive universe.
The summit emphasized the importance of sustainable development and responsible business practices.
The Business 20 (B20) engagement group under the presidency of India set up a Task Force on ‘Financial Inclusion for Economic Empowerment.’
The summit addressed issues related to the digital economy, including the need for a global approach to digital taxation and the importance of digital infrastructure and connectivity for economic growth.
It resulted in the agreement to pursue tripling renewable energy capacity globally by 2030 and accepted the need to phase down unabated coal power.
The summit addressed issues related to agriculture, including promoting sustainable agriculture practices and reducing food waste, encouraging investment in agriculture and rural development, enhancing market transparency, and reducing trade barriers

G20 Summit 2023: Strategic Implications

The G20 Summit in India 2023 discussed several key issues, including global trade and investment, healthcare, the digital economy, and climate change. These discussions have significant strategic implications for the global community, as the G20 is a central forum for discussing economics and other pressing global issues.

The Indian Presidency of the G20 in 2023 spotlighted Lifestyle for Environment (LiFE), emphasizing environmentally sustainable and responsible choices at both the individual lifestyle and the national development level to achieve a cleaner, greener, and bluer future.
The New Delhi G20 Summit charted a new path for a sustainable and equitable future, focusing on the theme of “One Earth, One Family, One Future.”
The summit allowed G20 Leaders to share their vision for a sustainable and equitable future together.
The G20 Leaders’ Summit presented host India with a risk and an opportunity as it sought to balance geopolitical tensions while trying to bolster sustainable development.
The summit allowed India to demonstrate its leadership and influence in the G20 forum while navigating complex geopolitical challenges.

G20 2023 Summit: Key outcomes

The G20 Leaders’ Summit in India 2023 adopted the New Delhi Declaration with 100% consensus, which states Leaders’ commitment towards the priorities discussed and agreed upon during the Ministerial and Working Group Meetings. This declaration has implications for businesses. And the world as it reflects the collective vision of the G20 Leaders for a sustainable and equitable future.
The G20 leaders agreed to pursue tripling renewable energy capacity globally by 2030. And accepted the need to phase down unabated coal power.
The G20 leaders have committed to reducing carbon emissions and transitioning to a cleaner energy future.
The Business 20 (B20) engagement group under the presidency of India set up a Task Force on ‘Financial Inclusion for Economic Empowerment. Reflecting their commitment to promoting financial inclusion and economic empowerment.

MORE OUTCOMES

The Working Groups focused on various topics, including agriculture, anti-corruption, culture, digital economy, disaster risk reduction, development, education, employment, environment and climate sustainability, energy transitions, health, trade and investment, and tourism. This presents a window for businesses across sectors to engage in policymaking.
The summit addressed issues related to the digital economy, including the need for a global approach to digital taxation. And the importance of digital infrastructure and connectivity for economic growth.
Some disagreements, like the G20 leaders softening their stance. On Ukraine, drew criticism from Ukraine and the G20 members on the issue of digital taxation. Despite these disagreements, the G20 leaders reached a consensus on several issues. Including pursuing tripling renewable energy capacity globally by 2030, promoting financial inclusion and economic empowerment. And emphasizing environmentally sustainable and responsible choices. The G20 leaders showed signs of global cooperation on taxes and crypto.
The Outcome Document and Chair Summary issued by the G20 in 2023 are significant. As they reflect the collective vision of the G20 Leaders for a sustainable and equitable future. They also provide a roadmap for the G20’s future work and priorities, which have implications for businesses and the world.

Conclusion

The G20 Leaders’ Summit is the climax of the G20 process. And the work carried out over the year through Ministerial Meetings, Working Groups, and Engagement Groups. The summit adopted the New Delhi Declaration, stating Leaders’ commitment towards the priorities discussed. And agreed upon during the respective ministerial and working group meetings. The New Delhi Declaration is a significant outcome of the G20 Summit in India 2023. Reflecting the Leaders’ collective vision for a sustainable and equitable future. While the G20 Summit in 2023 is significant. It is too early to determine its influence and impact on global affairs. Overall, the G20 Summit in India 2023 had several strategic implications for India . And the global community, including showcasing India’s growing power, emphasizing sustainability. Charting a new path for a sustainable and equitable future, discussing key issues, and balancing geopolitical tensions.

Author Profile

Dr. Mythili Kolluru is an experienced assistant professor of strategic management, organizational studies, and international business. She holds a doctorate in strategic management and is a certified strategic planning professional. Dr. Kolluru is also the chief strategy officer of Funkeyb, a London-based management consultancy firm. She has developed several strategic frameworks, including the strategic thinking wheel and the strategic career decision-making grid. Dr. Kolluru has supervised over 100 research students and published her research in several top-ranked journals. She is committed to achieving strategic organizational goals and is a valuable team addition.

References:

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NDTV. “Achievements Under India’s G20 Presidency Explained.” https://www.ndtv.com/video/news/news/g20-summit-achievements-under-india-s-g20-presidency-explained-723479. Accessed 10 Sep. 2023.

Wikipedia. “2023 G20 New Delhi summit.” https://en.wikipedia.org/wiki/2023_G20_New_Delhi_summit. Accessed 29 Oct. 2023.

India Briefing. “Key Outcomes of the 2023 G20 Summit Held in India.” https://www.india-briefing.com/news/key-outcomes-of-the-2023-g20-summit-held-in-india-29483.html/. Accessed 11 Sep. 2023.

SDG Knowledge Hub | IISD. “G20 Leaders’ Summit 2023.” https://sdg.iisd.org/events/g20-leaders-summit-2023/. Accessed 24 May 2023.

G20. “New Delhi G20 Summit will chart a new path.” https://www.g20.org/en/media-resources/press-releases/september-2023/g20-summit-newpath/. Accessed 9 Sep. 2023.