India to host G20 Summit in 2023: Grouping’s declaration

G20 leaders introduced on Sunday that India will host the summit of the high-profile grouping in 2023 — a 12 months later than what was determined earlier.

India was earlier slated to host the summit in 2022 with the Osaka declaration of the G20 stating final 12 months that “we look forward to meeting again in Saudi Arabia in 2020, in Italy in 2021 and in India in 2022”.

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“We thank Saudi Arabia for hosting a successful Riyadh Summit and its contribution to the G20 process. We look forward to our next meetings in Italy in 2021, Indonesia in 2022, India in 2023 and Brazil in 2024,” the G20 Riyadh Summit Leaders Declaration stated.

On India now internet hosting the summit in 2023, a supply stated, “The order of the rotating presidency is decided among member states on the basis of consultations and mutual convenience.”

India seems ahead to taking ahead the G20 agenda in 2023 after the Italian and Indonesian presidencies, the supply stated.

G20 leaders’ remaining declaration

Leaders of the G20, together with Prime Minister Narendra Modi, on Sunday asserted that they are going to spare no effort to guarantee reasonably priced and equitable entry to COVID-19 diagnostics, therapeutics and vaccines for all, whereas additionally pledging to use all potential coverage instruments to defend folks’s lives, jobs and incomes in the wake of the pandemic.

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The remaining declaration was launched after the two-day G20 Leaders Summit, attended amongst others by Prime Minister Modi, outgoing U.S. President Donald Trump and Chinese President Xi Jinping.

In the G20 Riyadh Summit Leaders Declaration issued on the conclusion of the convention of the world’s prime 20 economies, the leaders stated that whereas the worldwide financial system skilled a pointy contraction in 2020 due to the impression of the COVID-19 pandemic, international financial exercise has partially picked up as “our economies gradually reopened and the positive impact of our significant policy actions started to materialise”.

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However, they famous that the restoration is “uneven, highly uncertain and subject to elevated downside risks”, together with these arising from renewed virus outbreaks in some nations.

The G20 leaders additionally expressed assist for the Anti-Money Laundering (AML)/Counter-Terrorist Financing (CFT) coverage responses detailed in the FATF’s paper on COVID-19, and reaffirmed their assist for the Financial Action Task Force (FATF) as the worldwide standard-setting physique for stopping and combating cash laundering, terrorist financing and proliferation financing.

“We reiterate our strong commitment to tackle all sources, techniques and channels of these threats. We reaffirm our commitment to strengthening the FATF’s Global Network of regional bodies, including by supporting their expertise in mutual evaluations, and call for the full, effective and swift implementation of the FATF standards worldwide,” the leaders stated in the declaration.

The G20 leaders additionally stated that the COVID-19 pandemic and its unprecedented impression in phrases of lives misplaced, livelihoods and economies affected, is an “unparalleled shock” that has revealed vulnerabilities in preparedness and response, and underscored widespread challenges.

“We remain determined to support all developing and least developed countries as they face the intertwined health, economic, and social effects of COVID-19, recognising the specific challenges in Africa and small island developing states,” the leaders stated after deliberating on a host of points associated to the pandemic over the past two days.

The G20 has mobilised sources to handle the quick financing wants in international well being to assist the analysis, growth, manufacturing, and distribution of secure and efficient COVID-19 diagnostics, therapeutics and vaccines, the declaration stated.

“We will spare no effort to ensure their affordable and equitable access for all people, consistent with members’ commitments to incentivise innovation,” it stated.

The leaders dedicated to addressing the remaining international financing wants, welcomed the efforts made by the multilateral growth banks to strengthen the monetary assist for nations’ entry to COVID-19 instruments, in line with current multilateral efforts, and inspired them to do extra.

“We underscore the urgent need to bring the spread of the virus under control, which is key to supporting global economic recovery. We are determined to continue to use all available policy tools as long as required to safeguard people’s lives, jobs and incomes, support the global economic recovery, and enhance the resilience of the financial system, while safeguarding against downside risks,” the G20 leaders stated in the declaration.

The leaders stated they’re taking quick and distinctive measures to handle the COVID-19 pandemic and its intertwined well being, social and financial impacts.

“We, the G20 Leaders, meeting for the second time under the Saudi Presidency, stand united in our conviction that coordinated global action, solidarity, and multilateral cooperation are more necessary today than ever to overcome the current challenges and realize opportunities of the 21st century for all by empowering people, safeguarding the planet, and shaping new frontiers,” the declaration stated.

“We are committed to leading the world in shaping a strong, sustainable, balanced and inclusive post-COVID-19 era,” they stated in the declaration.

They additionally reiterated their commitments of the earlier summit on March 26, welcomed the progress achieved since, and stated that they are going to proceed to spare no effort to defend lives, present assist with a particular concentrate on probably the most weak, and put their economies again on a path to restoring progress, and defending and creating jobs for all.