newsdog Facebook

G20 Hangzhou Summit

Hans India 2017-01-11 23:25:00
Before 2008, G20 meetings consisted of Finance Ministers and Central Bank Governors of member states. G20 rose to prominence during the global finance crisis of 2008, and now it is the premier forum for international economic cooperation. 
, ,
G20 presidency is selected on a rotational basis among the regional groups of member countries and one member from a group is selected as host for a specific year. The grouping is as follows:
For example: 
China is selected from group 5 to be the host for G20 summit 2016. The Presidency of G20 invites non-member countries and institutions to attend the Leaders' summit. 
Invitation is extended to give voice to certain global concerns and an equitable geographical representation to non-members. Countries presiding over regional forums are invited such as ASEAN, African Union etc.
Hangzhou Summit-2016
Recently, the 2016 G20 Summit was held for two days on 4 September and 5 September 2016 at the Hangzhou International Exhibition Centre, Hangzhou, China. 
The main theme of the G20,2016 Summit was toward an innovative, invigorated, interconnected and inclusive world economy.
It was the first ever G20 summit to be hosted in China and the second Asian country to host the Summit. Before China, Seoul, South Korea, hosted the 2010 G20 Summit. 
It was the 11th summit since the inception of G20 in 1999.The summit was attended by all the leaders of the G20 including Prime Minister Narendra Modi. The chair of the summit was Xi Jinping, President of China.
Key highlights of the summit
On 3 September 2016, Barack Obama and Xi Jinping announced the ratification of the Paris Agreement of the 2015 United Nations Climate Change Conference by their countries. The United States and China represent respectively 18 percent and 20 percent of global carbon dioxide emissions.
The world leaders endorsed free trade and a crowded agenda that included the Koreas, Syria and refugees. 
The main themes final communiqué of the summit are:
Fight against tax evasion
  • Favour international trade and investments and opposition to protectionism
  • Fiscal stimulus and innovation to boost economic growth
  • Combating populist attacks against globalization
  • Strengthen support for refugee.
The guest invitees in the summit : Egypt, Kazakhstan, Laos, Senegal, Spain, Singapore and Thailand.
The 2017 G20 Summit e held in Hamburg, Germany, under the leadership of Angela Merkel. 
G20 Members: Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey, the United Kingdom, the United States of America and European Union. 
Group-1 Group-2 Group-3 Group-4 Group-5
Australia India Argentina     France China
Canada Russia Brazil Germany Indonesia
S Arabia S Africa Mexico Italy Japan
USA Turkey - UK S Korea
India in G-20
  • Indian Prime Minister Narendra Modi participated in the eleventh G20 Summit in Hangzhou, China. 
  • PM visited to Vietnam also, consented to 12 arrangements -Defence, Trade, society, and development cooperation. 
  • Modi held talks on key two-sided issues with the President Xi Jinping of China, and the presidents of Russia, Turkey, and Argentina, PMs of the U.K. furthermore, Australia, and representative crown ruler of Saudi Arabia. 
  • He also interacted with U.S. President Barack Obama and French President François Hollande on the edges of authority thoughts. 
  • The significance of G20 has been dynamically expanding over recent years. 
  • It was first settled in 1999 in the wake of the East Asian economic crisis comprised of the finance ministers and heads of national banks of 20 noteworthy economies of the world, who would meet on the margins of the IMF-World Bank gatherings every year to talk about issues identified with worldwide financial architecture and worldwide Economic governance. 
  • The summit was organized with the recommendation of the then U.S. president in 2008 to manage the international economic and financial crisis after the fall of Lehman Brothers in September 2008. 
  • In 2009 and 2010, the summit was held twice. Since 2011, it has been held yearly. 
  • G20 thus became the premier forum for international economic cooperation. 
  • In the deepening economic globalization, summit is conducted  to meet challenges and achieve common development.
  • Today, the global economy and international economic cooperation have reached another crucial juncture. Can we strengthen the foundation for global recovery and growth and leave the crisis behind us? Can we seize the historical opportunity presented by technological breakthroughs and a new industrial revolution and usher in a new round of global growth? 
  • G20 emerged as forum for cooperation among developed countries, emerging markets and developing countries. 
  • G20 plays a key role in leading and advancing international economic cooperation. 
  • It should act with a broad vision and deliver concrete outcomes. 
  • It should address critical issues affecting the global economy and endeavor to promote strong, sustainable and balanced growth. 
  • G20 speaks to 85 percent of world GDP, 80 percent of world trade, and 66% of the total populace. 
  • It is a discussion in which world's real economies, both developing and developed, are represented. 
  • G20 likewise organize meeting between different ministers and national groups and organizations of member nations. 
  • G20 summits promotes trade, fund, and economy 
  • G20 debates political and social issues including terrorism, terror financing, health, education, water, agriculture.
What is G20
G20 or Group of Twenty is an international forum of the Heads of States of 19 leading industrialized economies and the EU for international cooperation on global economic and financial issues. The group comprises of two-thirds of world’s population and 85 per cent of world’s GDP.
G-20 Objectives
Ensuring international policy cooperation in a comprehensive manner that is in sync with the contextual business cycles of state.
Strengthening the international financial architecture system in an era of globalization to prevent a global financial crisis or depression to take place.
Promoting inclusive and equitable economic growth and sustainable development by addressing the ongoing economic and financial issues and initiating reform actions.
Significance of Hangzhou Summit
The Hangzhou Summit was the principal G20 summit sorted out by China. Alongside the East Asia Summit in Vientiane, Laos, the G20 was the last real worldwide summit that Obama will go to before leaving office in January 2017. 
This was likewise the first summit for U.K. Prime minister Theresa May and Brazilian President Michel Temer. The essentialness of the summit was further upgraded as it was the main G20 gathering after the Brexit vote and occurred just before the U.S. presidential decisions, both of which will significantly affect the global economy and trade the coming years.
China recognized the subject for the summit as the making of “innovative, invigorated, interconnected and inclusive” (the “four I’s”) world economy. All of these components are widely reflected in the final resolution adopted in summit.
Emerging Role of India 
On the forum of G20, India have voiced its concerns regarding rebalancing global governance by reforming Quota system in global financial institutions, reframing of global tax structure to combat money Laundering, widening of G20 agenda to include development issues, and monitoring global economic trade imbalances etc. 
While addressing the summit, Modi urged the G20 nations to detach and sanction nations which support fear based oppression, terrorism and not reward them. Without naming Pakistan, he said that a solitary nation in South Asia is spreading operators of fear in India and the entire region. 
He alluded to the dire need to check black money; to neglect protectionism; to promote development and interest; to defend climate justice equity and maintain the standards of value and Common. 
But Differentiated Responsibility (CBDR); control careless utilization and support ways of life that are in amicability with nature; advance a straightforward, impartial, non-unfair, open, comprehensive and rule based world trading system which emphatically reacts to requirements and needs of developing and underdeveloped countries; guarantee global and public health security; eliminate "places of refuge" for financial offenders; and secure a "full commitment" from worldwide forces to act against the degenerate and to upset exorbitant banking secrecy.
He underlined that India's need is to move in the direction of a Trade Facilitation Agreement in Services, as free portability of talented experts and service suppliers is key for an information and knowledge driven economy. 
Modi's message on terrorism was stern, preventative advice to the international brethren that they must not expect any versatility or adaptability from India if Pakistan proceeds with its odious exercises in doing fear assaults and terrorism in India. 
Modi's message at the G20 seems to be directed at China that has proceeded to blindly bolstering Pakistan on this imperative issue. In his one to one meeting with Xi, Modi said that terrorism should not be seen through the crystal of governmental issues as it is a scourge that burdens the entire world.
Modi firmly encouraged the BRICS pioneers at the meeting, which he led to make the most grounded move against terrorism as the world needs a bound together way to deal with menace. He focused that terrorism remains the essential wellspring of unsteadiness and greatest danger to social orders and nations; its inventory network and reach are worldwide.
In his bilateral meeting with Xi, Modi additionally underlined that both India and China should be sensitive to each other's key advantages, concerns, and goals to understand the full potential of their bilateral relationship. 
He likewise raised the issues of India's membership of the Nuclear Suppliers Group (NSG), which was obstructed by China at the NSG conference in Seoul in June 2016; the "specialized hold" on assigning JeM Chief Azhar Masood as a terrorist by the UN; and development of China-Pakistan Economic Corridor, 
which goes through Pakistan Occupied Kashmir, a territory additionally asserted by India. Xi supposedly reacted that he anticipates working with Modi to "keep up their hard-won sound relations and further propel participation."
Previous Article

Achy back? Don't blame weather gods

Next Article

10% more chance of second child to have Spina bifida: Doctors