The G20 is the buzzword of the season, as the G20 summit will take place in Bali, Indonesia, on November 15-16, with the overarching theme “Recover Together, Recover Stronger” at a time when the world is still in shock. . the devastation created by the COVID-19 pandemic, the demanding situations of climate change, an economic crisis exacerbated by the Russian-Ukrainian war, the economic crisis in Sri Lanka and the emerging tensions between China and Taiwan.
The G20 was established in 1999 in reaction to the Asian currency crisis of the 1990s that affected East and Southeast Asia, with the usual goal of achieving global monetary stability. After the global recession of 2008, the G20 reinvented itself, expanding its calendar to more urgent activities. The G20 can now be regarded as one of the most influential multilateral economic forums in the world, adapting to a strategically placed administrator and guardian of the global monetary system, representing all regions of the world, the European Union and the Bretton. Logging establishments (International Monetary Fund and World Bank).
We can decide the weight of the organization’s overall muscle by the fact that it accounts for about 85% of global GDP, more than 75% of foreign industry, and about 67%, or say two-thirds of global industry. population, making it a center of foreign economic cooperation.
The G20 does not have a secretariat or permanent headquarters. The country holding the G20 presidency is in favor of advancing the Summit timeline in consultation with other member states in reaction to geo-economic developments.
In recent times, the G20 has already been criticized for wasting its relevance on its inability to deal with the COVID-19 pandemic and the resulting crisis. “Global fitness architecture, virtual transformation and a sustainable energy transition are all vital issues that deserve greater cooperation between major global and regional powers. “
But as Yose Rizal Damuri, executive director of the Center for Strategic and International Studies (Indonesia), rightly said, Indonesia’s presidency of the G20 will be a simple promotion. divergent interests and aspirations, namely between emerging and developed countries. “
Moreover, the summit is already surrounded by controversies over an imaginable confrontation between Russia and the United States, and other member countries that support Ukraine, to force a peace deal. There was fierce resistance from Indonesian hosts to the withdrawal of an invitation to Russia, where many member countries threatened to withdraw from the Summit.
At the latest, Vladimir Putin has withdrawn from attending a G20 leaders’ meeting in user and will instead be represented by his Foreign Minister, Sergey Lavrov. However, Putin’s absence does not diminish the chances of a confrontation. In July, Lavrov staged a strike after telling his counterparts that Russia’s invasion of Ukraine was not to blame for a global hunger crisis and that sanctions aimed at isolating Russia amounted to a declaration of war.
In addition, the emerging tensions between China and the USand the changing geopolitical environment in the Indo-Pacific region only further complicates the issues.
Countries around the world are facing overwhelming and demanding situations, whether geopolitical or economic, “they will also have to respond to the food and energy crisis that threatens millions of people. global recession, currency movements, a food and energy crisis, and climate adaptation prices. “The previous demanding situations were “recognized through the G20 in its advancement of the Common Framework, but little progress has been made in its implementation. “
Therefore, the results of the Bali summit, already overshadowed by the ongoing Russian-Ukrainian war and global economic slowdown, will be the fate or failure of the summit when leaders meet and extend further to the 2023 G20 summit.
For India, upon entering the G20 Troika (Italy, Indonesia and India), consisting of the current, past and incoming presidencies, India, under the leadership of Prime Minister Modi, unveiled the logo and theme of the 2023 G20 Summit on November 8. 2022. Se is expected to hold the summit in New Delhi in September 2023, setting the tone for assuming the G20 presidency on 1 December 2022 and hosting the G20 Leaders’ Summit for the first time.
India’s rise in global politics and now the G20 presidency will prove to be a watershed moment for India amid a “changing global order, visual climate hazards and a challenging economic recovery amid a waning pandemic” as it seeks to play a leading role at the negotiating table on global issues.
“The shift in recent years to the Global South illustrates the emerging influence of emerging economies such as India in guiding foreign cooperation and strengthening multilateralism. India’s ambitious foray into the global economy, with its human capital and entrepreneurial spirit, underscored its leadership among emerging and emerging economies. India’s important role in global economic governance has encouraged its active participation in the G20 process. “However, the achievements or mistakes of the Bali summit may also have repercussions on the Indian presidency.
Saloni Salil is an independent geopolitical and security analyst and Max-certified intelligence analyst (recognized by ASIS) with over 10 years of experience in global security threat and intelligence, South Asia, naval affairs, maritime security and the Indo-Pacific region; Provide threat evidence and policy frameworks on a variety of threats, foreign industry, and geopolitical issues. He has contributed to several leading strategic trading platforms, magazines and newspapers with more than 50 publications. He received a letter of thanks from the former Chief of the Navy Staff, highlighting his contribution to naval affairs and maritime security.
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