G20 Meet: Full Explanation of Outcomes

IAS Prelims 2023

The Group of Twenty (G20) is the central forum for international cooperation on financial and economic issues. The G20 countries account for more than four-fifths of gross world product and three-quarters of global trade, and are home to almost two-thirds of the world’s population. Its decisions are influential and help to bring about reform at national and multinational levels.

The G20 comprises 19 countries plus the EU. These countries are Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey, the United Kingdom (UK) and the United States of America (US).

International organisations also participate regularly in the G20 summits, that is, the International Monetary Fund (IMF), the World Bank (WB), the Financial Stability Board (FSB), the Organisation for Economic Co-operation and Development (OECD), the World Trade Organization (WTO), the International Labour Organization (ILO) and the United Nations (UN).

Furthermore, each Presidency can invite other countries, regional organisations and international organisations to the summit.

G20 Summits:

The group has met annually at Head of State and Government level since 2008. G20 Summits have been held in the following places:

• Washington, US, in 2008
• London, UK, in 2009
• Pittsburgh, US, in 2009
• Toronto, Canada, in 2010
• Seoul, South Korea, in 2010
• Cannes, France, in 2011
• Los Cabos, Mexico, in 2012
• St Petersburg, Russia, in 2013
• Brisbane, Australia, 2014
• Antalya, Turkey, in 2015
• Hangzhou, China, in 2016

In 2017, the G20 Summit was held in Hamburg by the German Presidency.

During 2017 summit G20 leaders discussed countering terrorism and issued a joint statement focused on enhancing cooperation, cutting off funding that supports terrorism and preventing the use of the internet for terrorist purposes.

The theme of this year’s G20 summit was ‘shaping an interconnected world’.

G20 leaders adopted the following documents at 2017 G20 Summit:

1. Summit Declaration of the Heads of State and Government
2. G20 Leaders’ Statement on Countering Terrorism
3. Hamburg Action Plan
4. G20 Hamburg Climate and Energy Action Plan for Growth
5. Hamburg Update: Taking forward the G20 Action Plan on the 2030 Agenda
6. Annual Progress Report 2017
7. G20 Marine Litter Action Plan
8. Partnership with Africa
9. G20 Initiative for Rural Youth Employment
10. High Level Principles on the Liability of Legal Persons
11. High Level Principles on Organizing against Corruption
12. High Level Principles on Countering Corruption in Customs
13. High Level Principles on Combatting Corruption related to Illegal Trade in Wildlife and Wildlife Products
14. G20 Initiative #eSkills4Girls
15. Women’s Entrepreneurship Facility
16. Resource Efficiency Dialogue

Main Outcomes of the G20 Summit 2017:

G20 leaders agreed to facilitate swift action and targeted exchange of information on terrorism and it’s financing. The information exchange that will include operational information-sharing, preventive measures and criminal justice response will happen between intelligence and law enforcement and judicial authorities

G20 Leaders adopted a declaration focusing on:

-sharing the benefits of globalisation
-building resilience
-improving sustainable livelihood
-assuming responsibility

G20 member countries decided to take concrete steps to stop funding of the terror activities. For this, they called for strengthening measures against the financing of international terrorist organisations in particular ISIL/ISIS/Daesh, Al Qaida and their affiliates.

Regarding energy and climate, leaders took note of the United States’ withdrawal from the Paris Agreement. The leaders of the other G20 members stated that the Paris Agreement is irreversible and they endorsed the G20 Hamburg climate and energy action plan for growth.

The G20 leaders also reaffirmed their commitment to tackle all sources, techniques and channels of terrorist financing and calls for a swift and effective implementation of UNSCR and the Financial Action Task Force (FATF) standards worldwide.

On the migration and refugee crisis, leaders agreed to step up coordination and act against people smugglers and traffickers. Addressing the root causes of migration and supporting countries of origin and transit are also priorities for the leaders.

In addition to this, the leaders also decided that the private sector will be involved in the global efforts to counter terror-financing. Seeking to fight radicalization, the G20 group will take measures to counter terrorist propaganda.

Simultaneously, the countries will also seek to promote political and religious tolerance and social inclusiveness to facilitate reintegration.

Leaders stressed the need to better help people seize the opportunities and benefits of economic globalisation. They also discussed how to continue building an open and resilient financial system.

Leaders committed to increase international tax cooperation and financial transparency, as well as to address the issue of excess steel capacity.

Africa’s development remained a high priority for the G20. Leaders launched the G20 Africa partnership to boost growth and jobs in the continent. This includes the G20 initiative for rural youth employment which will contribute to creating 1.1 million new jobs by 2022.

The leaders of G-20 also underlined to fight exploitation of internet and social media for propaganda inciting terrorism and radicalization. Steps would be taken to filter, detect and remove content that incites terrorists’ activities.

Leaders stressed the importance of harnessing digitalisation to achieve inclusive and sustainable growth. Promoting digital literacy and skills is essential to better prepare people for the future of work.

Leaders also agreed to take further action to achieve gender equality. They stressed the role of digitalisation and ICT to support women’s empowerment.

In addition, leaders emphasised the value of international health cooperation, in particular to better combat antimicrobial resistance.

The G-20 leaders also resolved to exchange best practices on preventing and countering terrorism. The leaders of the G20 asserted that terrorism is a global scourge. The statement asserted that the terrorist safe havens must be eliminated in all parts of the world.

Prime Minister Narendra Modi announced the action plan to counter terrorism. It included the following points:

1. A deterrent action against countries supporting terrorism. The representatives of those countries should be barred from entering G20 nations.
2. List of suspected terrorists should be shared between G20 nations. Stern action should be taken against “designated terrorists.”
3. The legal and expedition process for extradition of terrorists should be simplified.
4. Comprehensive convention on International terrorism should be adopted.
5. United Nations Security Council resolutions and other global proceedings should be implemented effectively.
6. G20 nations should come together for combined efforts and exchange of best practices for de-radicalisation programmes.
7. Terror funding sources and other media should be blocked.
8. On the lines of FATF (Financial Action Task Force), a Weapons and Explosive Action Task Force (WEATF) should be formed so that sources of ammunition to terrorists can be blocked.
9. G20 nations should cooperate on central cybersecurity to monitor activities of terrorists.
10. A mechanism on National Security Advisors on counter terrorism should be formed by G20 member nations.

India’s Prime Minister Narendra Modi invited Norwegian pension funds to invest in his country’s National Infrastructure Investment platform as he met Norway’s Prime Minister Erna Solberg, who, in a gesture symbolising renewed cooperation towards the attainment of the Sustainable Development Goals, offered him a round leather ball embroidered with the initials ‘SDGs’.

The World Bank Group and USA confirmed they would soon roll out a new fund that aims to help female entrepreneurs access capital, financing and managerial support in the developing world. World Bank Group President Jim Yong Kim said the Women Entrepreneurs Finance Initiative fund had so far raised $325 million from various governments, and that he hoped to leverage that into a multibillion-dollar investment framework. President Trump lent his personal support by pledging $50 million from the United States to jump-start the fund.

The 13th edition of the G20 summit will be hosted by Argentina in 2018.