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G20 Summit 2023: The G20 Summit has entered its final day today i.e. on 10 September. Prime Minister Narendra Modi will hold various meetings with eight global leaders including French President Emmanuel Macron, Canadian PM Justin Trudeau, Comoros, Turkey, UAE, South Korea, etc.
“PM Modi to hold a working lunch meeting with French President Emmanuel Macron today. The PM will hold a pull-aside meeting with Canadian PM Justin Trudeau and will later do bilateral meetings with Comoros, Turkey, UAE, South Korea, EU/EC, Brazil, and Nigeria,” sources told news agency ANI.
Here are Top 5 key highlights so far:
1. During the inaugural session of the two-day G20 Summit, the African Union (AU) was granted permanent membership in the Group of 20 largest economies (G20) worldwide.
2. The G20 also adopted the New Delhi Leaders Summit Declaration. Asserting that “today’s era must not be of war”, the New Delhi Declaration of G20 countries on Saturday called on all states to uphold the principles of international law including territorial integrity and sovereignty and said the peaceful resolution of conflicts as well as diplomacy and dialogue are critical.
3. At the G20 Summit, India, the US, UAE, Saudi Arabia, France, Germany, Italy and the European Union signed a Memorandum of Understanding (MoU) to establish the India-Middle East-Europe Economic Corridor. Biden called it a “game-changing” regional investment. The economic corridor of rail and shipping links aims to bolster trade between India, the Middle East and Europe, a modern-day Spice Route to bind regions that account for about a third of the global economy.
4. Prime Minister Rishi Sunak said on Sunday at the G20 Leaders Summit in New Delhi that Britain will commit to provide $2 billion to the Green Climate Fund (GCF) to help developing countries cope with climate change. The Green Climate Fund (GFC) – the world’s largest such fund – was set up under United Nations’ climate change negotiations to help channel money needed by poor states to meet their targets to reduce carbon emissions, develop cleaner energy sources and adjust to a warming world.
5. Russia praised G20 consensus declaration that avoid direct criticism of Moscow for the war in Ukraine as ‘balanced.” “Everything was reflected in a balanced form,” Svetlana Lukash, the Russian G20 sherpa, or government negotiator, was quoted as saying by Russian news agency Interfax. Russia’s 2022 invasion of Ukraine has left tens of thousands dead, displaced millions and sown economic turmoil across the world. Moscow, which says it is conducting a “special military operation” there, denies committing any atrocities.
Meanwhile, a European Union official, who did not want to be identified, said on Sunday the Ukraine war was the most contentious issue in the negotiations. “Without India’s leadership it would not have been possible,” the official said as quoted by Reuters, adding that Brazil and South Africa also played a crucial role in bridging differences. Meanwhile, the US President Joe Biden skiped final session of summit and left for Vietnam after he and several other G20 leaders paid homage at Mahatma Gandhi’s memorial Rajghat in Delhi on Sunday morning. Earlier on Day 1, US President held talks with PM Modi. PM Modi and Biden vowed to “deepen and diversify” the bilateral major defence partnership while welcoming forward movement in India’s procurement of 31 drones and joint development of jet engines.
In another news, Central bank Executive Director Ajay Kumar Choudhary has said that the Reserve Bank is likely to launch the pilot of Central Bank Digital Currency (CBDC) for transactions for interbank borrowing or call money market by October. The pilot of the wholesale CBDC, known as the Digital Rupee-Wholesale (e-W), was launched on November 1, 2022, with the use case being limited to the settlement of secondary market transactions in government securities. “The RBI will introduce the wholesale CBDC in the call market either this month or next month,” Choudhary said on the sidelines of the G20 Leaders’ Summit in Delhi.
(With inputs from agencies)
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