Everyone’s talking about the G20 but what will be discussed at the big meet?

It is the biggest diplomatic event of the year. All eyes are on India as world leaders flock to Delhi for the G20 Leaders’ Summit. In the gathering of the most powerful people in the world, there are bound to be some differences. Will these come in the way of the joint declaration and goal-setting? We take a look at what leaders will discuss in Delhi on 9 and 10 September at Bharat Mandapam , the newly built G20 venue at Delhi’s Pragati Maidan. G20 with Firstpost: Catch the complete coverage here What India is keen to discuss at the G20? Economics and finance have been the key discussions at G20 meetings . However, the nature of discussions has changed over the years to reflect a changing world. Climate change, sustainable energy, international debt forgiveness and taxing multinational corporations are part of the talks. The Russia-Ukraine war dominated the agenda last year at the summit in Indonesia’s Bali. This year, India holds the presidency for the G20, which will conclude with the leaders’ summit. New Delhi wants to focus on sustainable development and measures to spread economic growth more evenly between developed and developing nations, reports the BBC. Prime Minister Narendra Modi’s focus has been on the needs of the developing nations in the Global South. The New Delhi leaders’ declaration will reflect the voice of Global South , India’s G20 Sherpa Amitabh Kant said on Friday and noted that accelerating sustainable development goals, improving learning outcomes and nutrition have been critical for India’s presidency. [caption id=“attachment_13099292” align=“alignnone” width=“640”] Police shields rest against a fence next to the poster of Prime Minister Narendra Modi on a road leading to the venue for the G20 Summit in New Delhi. Climate change is on the agenda at the big meeting of the world’s top leaders. AP[/caption] Several meetings held over the past year have been dominated by discussions on loans to developing nations from multilateral institutions, reforming international debt architecture, and the impact of geopolitical uncertainties on food and energy security. India also wants to focus on green development, climate finance and LiFE (Low-carbon Technologies for Fighting Epidemics); accelerated, inclusive and resilient growth; sustainable development goals; technological transformation and digital public infrastructure; multilateral institutions for the 21st Century; and women-led development. During its presidency, India has stressed the need to reform multilateral development banks (MDBs) keeping in mind the evolving geopolitical dynamics and the rise of the Global South. While the reform process is long, senior officials indicate that this will feature in the G20 declaration, according to a report in India Today. The proposal is expected to get the backing of US president Joe Biden and other world leaders. [caption id=“attachment_13099332” align=“alignnone” width=“640”] From left, Brazil’s president Luiz Inacio Lula da Silva, China’s president Xi Jinping, South Africa’s president Cyril Ramaphosa, India’s Prime Minister Narendra Modi and Russia’s Foreign Minister Sergei Lavrov pose for a BRICS group photo during the 2023 BRICS Summit in Johannesburg in August. Modi says India is ‘becoming the voice of the Global South,’ and that at the G20 meetings being held in New Delhi that voice will be heard. File photo/AP[/caption] Why is cryptocurrency in the focus? Cryptocurrency is expected to be one of the big discussions at the G20 Summit. A policy paper prepared under India’s G20 presidency to form a global framework for dealing with crypto assets has suggested licensing crypto service providers. It has called for countries to implement the Financial Action Task Force (FATF) anti-money laundering and counter-terrorist financing (AML/CFT) standards in the sector, according to a report in The Indian Express. The paper prepared by the International Monetary Fund (IMF) and the Financial Stability Board (FSB) raises concerns about the possible impact of cryptocurrencies on the monetary policies of nations. This document is likely to serve as a blueprint for the discussions this weekend. [caption id=“attachment_13099352” align=“alignnone” width=“640”] At the G20 Summit, leaders are likely to consider a unified cryptocurrency regulation. Reuters[/caption] India is calling for a unified template to regulate cryptocurrency. Leaders at the G20 summit are expected to give an okay to the foundational principles governing crypto assets. The move will signify a critical step towards creating a coordinated global regulatory framework for the cryptocurrency market, reports CNBC TV18. What about the Russia-Ukraine war? Russia’s invasion of Ukraine has been discussed and left the G20 divided . Even as leaders have started arriving, Indian diplomats are trying to find a compromise language for a joint communique, reports The Associated Press (AP). Russia and China, which has been Moscow’s most important supporter in the war against Ukraine, have rejected drafts over a reference to Ukraine that said “most members strongly condemned the war,” the same language they signed off a year ago at the G20 summit in Bali.

The European Union, meanwhile, has said compromise language suggested by India is not strong enough for them to agree to. However, European Council President Charles Michel told reporters Friday that it was important to give India space as it worked “actively, maybe sometimes discreetly, to maximise the chance for a communique.” He said Russia had isolated itself from the world with the invasion of Ukraine, and that the EU and others were working to “encourage China to play a positive role at the global level and to defend the UN charter and to defend the sovereignty of Ukraine”, the AP reports. Prime Minister Narendra Modi will hold a bilateral meeting with Biden and the two leaders are expected to discuss the conflict and then divide over it. What else is up for discussion? Ahead of the G20 Summit, Australian PM Anthony Albanese emphasised his country’s commitment to India Pacific to enhance “growth and prosperity, stability and respect for sovereignty and lasting peace”. South Korean president Yoon Suk-Yeo is likely to highlight North Korea’s ever-escalating missile provocations and nuclear threats in front of global leaders, NDTV reported. Nigerian president Bola Tinubu might talk about promoting foreign investment in the country and mobilising global capital for infrastructural development. With inputs from agencies