The 17th Summit of G20 Concludes At The Nusa Dua Resort in Bali

The 17th Summit of G20 Concludes At The Nusa Dua Resort in Bali

November 24, 2022 - 5:24 am

India Takes Over The G20 Presidency of For The Coming Year 2023

The annual two-day G20 summit for the 17th summit of the world's most advanced economies ended at the Nusa Dua resort in Bali, where prominent world leaders gathered to reflect on contemporary global challenges. As the G20 summit in Bali came to an end, Indonesia handed over the chairmanship of the grouping for the coming year to India. The member states also finalized a joint declaration. Energy and food security as well as post-pandemic recovery will be the main focus while dealing with the effects of the Russian war in Ukraine, on which the leaders have decided to hold a bilateral summit.

Takeaways From G20 Summit

Recover Together, Recover Stronger serves as the motto of the G-20. Despite the international unrest gathering, President Jokowi has made recovery from the pandemic a top priority. During the three sessions, the leaders discussed three different themes: digital transformation, health partnership for global infrastructure and investment, and food and energy security. Additionally, Mr. Jokowi took his guests to the Indonesian mangroves of Taman Hutan Raya, which have been recreated in a 30-year effort spanning some 700 acres to reflect the hardships of climate change. In addition, Prime Minister Narendra Modi will outline his goals for the coming year while India presides over the G-20, with a special focus on the global south and the geopolitical unrest resulting from food and fuel shortages. Dealing with issues as they arise. ,

What is G20?

The Group of 20 is a non-treaty organization made up of 19 countries and the European Union linked to the Asian financial crisis of 1997–1999, when the G7 convened a meeting of central bank governors and finance ministers from around the world. Selected group of nations to discuss how to prevent the global financial meltdown from spreading. The overarching goal of this group was to support the stability of the global economy and financial system. The group was first raised to peak level during the 2008 financial crisis, and it is widely agreed that they had a significant impact on how the world economy was handled at that critical juncture. Since then, the agenda of the G20 – described as representing 85% of global GDP, 75% of global trade and 2/3 of the world's population – has shifted to addressing issues such as digitization, health, gender issues and transition expanded in scope. climate change, natural disasters and conflict-related humanitarian crises. The Financial Stability Board was created by the G20 to oversee and coordinate efforts to strengthen financial regulation.

The Story of the G20 Summit?

The story of the G-20 summit in Bali, Indonesia, seems to have been written before its time. A group formed during the height of globalization was coming together for the first time in the form of the new Cold War. The United States and its allies will go to war with China and Russia. The focus will be on Ukraine. The fear that the interests of the rest of the world – sometimes referred to as the new non-alignment – ​​would be subjugated was openly expressed by Indonesia. In Bali, there were several instances where the plot followed the plan. Russian President Vladimir Putin refused to leave. This saved China and India from publicly distancing themselves, which would have been embarrassing.

The Outcome of G-20 Summit

The G-20 summit in Bali showed that practicing diplomacy in times of crisis does not guarantee that everything will go wrong or blow up. The word "crisis" is derived from Greek and refers to a turning point in time when you must make a decision that will define who you are. It does not refer to the time of rupture or detonation. This is true on many fronts right now, including the conflict in Ukraine, tensions between the United States and China, and climate change. Delaying, pretending to be a problem, accepting another raise, or making a decision are all ways to take control of the situation. We saw a mix of all these options in Bali. Maybe it was boring. As a result, nothing got resolved. However, this was a relief compared to the fear of World War III, which was approaching. The G-20 meeting's ability to exceed expectations is impressive, however, when viewed as a whole.