G20 Summit: India’s Stellar Performance At International Level
India’s G20 presidency will boost India’s position as a country that can assist settle conflicts, navigate the projected global recession, and make growth and progress at an optimum level.
The Group of 20’s 17th summit, which brought together developed industrial economies and growing countries from the developing world, came to an end in Indonesia amid tensions between major powers, geopolitical unrest in the world order, an ongoing war in Europe, a food and energy crisis, a global economic downturn, and a pandemic that is still present in some regions of the world.
The G20 was established in 1997, around two years after the Asian financial crisis, to address the problem in the world’s political economy.
It is now about a 23 year old group. Following the worldwide recession of 2008, the G20 summit of senior leaders was raised, and ever since, the importance of this group of countries has grown.
The Group of 20 was created as a result of the Group of Seven wealthiest countries in the world, six of which are Western nations, failing to end the international economic crisis on their own.
With their quicker rates of growth and enormous potential for development, emerging economies were seen as playing a crucial role in resolving any global economic issue.
The G20 is an informal alliance of countries without a secretariat or permanent headquarters. It doesn’t operate like a global organization. But there is no disputing its significance, and everyone recognizes its usefulness in the current global system.
The G20, however, is not intended to address security challenges. Ironically, three security-related crises that have had a significant influence on the world economy coincided with the 2022 G20 summit being held in Indonesia.
One is the invasion of Ukraine by Russia, which sparked hostilities between Russia and the Western countries, headed by the United States, and Russia, which lacks active allies.
Many nations oppose the economic war the United States is waging against Russia through sanctions, but they also do not speak out against the substantial military assistance the West is providing to Ukraine.
Everyone can see the effects of this war’s economic effects, including the supply chain interruptions practically everywhere, the energy crisis in Europe, the food crisis in Africa, and many more.
Of course, the conflict between humans and the coronavirus is the second conflict that has significantly impacted the world economy and comes before the conflict in Ukraine. Cambodian Prime Minister Hun Sen tested positive and left the G20 summit, demonstrating the Covid-19 pandemic’s continuing symbolic impact.
The 17th G20 summit’s principal goal was economic “recovery” from the Covid-19-related issues that were affecting trade, investment, employment, human mobility, education, agriculture, industry, and other sectors.
The third security trend that has had an effect on the world economy is the US-China cold war, which makes it challenging for many nations in the Indo-Pacific and other regions to take a side.
The Trump Administration’s tariff war was the catalyst for the entire situation, which reached a very high degree of tension when Nancy Pelosi, the speaker of the US House of Representatives, visited Taiwan despite repeated Chinese warnings against the trip.
Joko Widodo, the president of Indonesia, made an appeal for cooperation and urged group efforts to promote political stability and global economic recovery at the G20 summit.
Shaking hands and making a commitment to keep their differences from escalating into violence, President Joe Biden and Chinese President Xi Jinping. In an apparent effort to patch things up, President Xi Jinping went out to US allies including Australia and Japan.
President Xi and Prime Minister Narendra Modi also shook hands and said hello. All of these actions won’t immediately solve the problems plaguing the world’s political economy or geopolitical conflicts. However, they produced uplifting vibes.
But the Ukraine War was the main point of concern amongst the G20 leaders. The leadership of Indonesia came under a lot of pressure to decline the invitation for Russian President Vladimir Putin.
Putin stayed away from the conference and dispatched his foreign minister to Bali to stand in for him while Jakarta declined to do so.
Then, numerous Western leaders present at the Bali meeting immediately denounced the Russian military operation.
A consensus-based proclamation, however, appeared challenging because so many other member nations had divergent viewpoints.
Herein lies the prime minister of India’s outstanding contribution. His speech at the summit emphasized the suffering of the underprivileged due to food and fertilizer shortages, the necessity of removing trade barriers in energy so that the international community can “recover” from the protracted economic downturn, the importance of discussion and statesmanship to settle disputes and establish peace, and most importantly, it demonstrated how much progress has been made in recent years.
It is commendable that India contributed to the finalization of the G-20 leaders’ draft declaration. After about two weeks, India will take over the G20 presidency, but Prime Minister Modi has already stepped into the role of a world statesman by meeting with the leaders of states and governments in Bali and seemingly persuading them that his concepts of peace and stability can result in a more favorable world where conflicts can only be resolved through diplomacy and prosperity can only be preserved through making it inclusive.
Presidents Joe Biden and Xi Jinping, who represent “hard power,” offered their support and stressed their desire to avoid starting a cold war at Bali.
However, Prime Minister Modi showed the potential of “soft power” to advance friendly communication and put out strategies to achieve “inclusive growth and prosperity” both within and between nations.
India’s soft power has historically allowed it to take the lead in organizations like the Group of 77 of the Global South and the Non-Aligned Movement, which includes more than a hundred nations.
India is now a significant player in the Group of 20 nations, which account for 60% of the world’s population, 75% of global trade, and 80% of its GDP, thanks to its soft power once more.
India’s role in the international system as a nation that can aid in the resolution of disputes, steer the world economy through the anticipated recession, and ensure that growth and development are as inclusive as possible would be further strengthened by its G20 leadership.