G-20 New Delhi Leaders’ Declaration: A Comprehensive Overview

Introduction

The G20 Summit held in New Delhi witnessed a unified commitment from leaders of member countries, culminating in the adoption of the New Delhi Declaration. This historic document encapsulates crucial agreements on a spectrum of global issues. This article delves into the key points outlined in this declaration, highlighting the pivotal areas of focus.

1. Resolving the Conflict in Ukraine

Upholding Peace and International Law

The G20 member countries unequivocally underscore the paramount importance of peace. They call upon all nations to abide by the principles of international law, which include upholding territorial integrity and sovereignty.

Addressing Humanitarian Concerns

The declaration demonstrates profound concern for the widespread human suffering and detrimental effects of global conflicts, particularly spotlighting the ongoing war in Ukraine.

Adherence to UN Charter Principles

A fundamental emphasis is placed on adherence to the Purposes and Principles delineated in the UN Charter. This involves a commitment to refraining from the threat or use of force for territorial acquisition.

Prohibiting Nuclear Weaponry

A resounding consensus is reached on the inadmissibility of using or threatening to use nuclear weapons.

2. Combating Terrorism and Money Laundering

Condemnation of Terrorism in All Forms

The G20 unequivocally condemns terrorism, encompassing all its manifestations rooted in xenophobia, racism, intolerance, or perpetrated in the name of religion.

Holistic Approach to Counterterrorism

A comprehensive approach, grounded in international law, is advocated for the effective countering of terrorism. The emphasis lies in bolstering international cooperation to deny terrorist groups safe havens, operational freedom, and financial sustenance.

Curbing Illicit Trafficking

Grave concerns are raised about the illicit trafficking and diversion of small arms and light weapons. The declaration underscores the imperative of international collaboration among states to combat these phenomena.

Support for FATF in Countering Financial Crimes

G20 leaders commit to providing the necessary resources for the Financial Action Task Force (FATF) and FATF Style Regional Bodies, fortifying the battle against money laundering and terrorist financing.

3. Economy & Climate: A Symbiotic Approach

Paving the Way for Sustainable Growth

G20 leaders advocate for robust, sustainable, and inclusive growth as a response to the uneven recovery from the pandemic.

Climate Action: A Trillion-Dollar Endeavor

The declaration acknowledges that trillions of dollars will be requisite for nations to meet their climate objectives and invest in clean energy technologies.

Financial Reforms and Debt Management

Urgent calls for reforms in international financial institutions are made, accompanied by endeavors to manage debt vulnerabilities in low and middle-income countries.

Crypto Asset Taxation on the Horizon

Commencing in 2027, the exchange of tax-relevant information on crypto assets is set in motion.

Advancing Energy Transition

Accelerated efforts are urged to phase down unabated coal power and eliminate inefficient fossil fuel subsidies, in pursuit of a more sustainable energy landscape.

Ensuring Financial Stability

The declaration highlights the critical need for calibrated policies encompassing monetary, fiscal, financial, and structural dimensions, aimed at fostering growth, reducing inequalities, and maintaining macroeconomic and financial stability.

4. Nurturing Global Growth

Coordination of Policies

G20 leaders reiterate the significance of well-calibrated monetary, fiscal, financial, and structural policies, affirming their role in promoting growth, reducing inequalities, and upholding macroeconomic and financial stability.

Central Banks’ Commitment

A steadfast commitment to achieving price stability, aligned with their respective mandates, is stressed upon by the leaders.

Welcoming FSB Initiatives

The Financial Stability Board (FSB), Standard Setting Bodies (SSBs), and jurisdictions’ initiatives to glean lessons from recent banking turbulence find a warm welcome in the declaration.

5. Multilateral Development Banks: A Strategic Embrace

Enhancing MDBs

The declaration underscores the pivotal role of multilateral development banks (MDBs) and calls for their enhancement in terms of effectiveness and scale.

Leveraging Private Capital

Financial institutions are encouraged to leverage private capital through innovative financing models and partnerships to maximize the impact of development efforts.

Endorsing Capital Adequacy Frameworks

The roadmap for implementing the recommendations from the G20 Independent Review of MDBs Capital Adequacy Frameworks (CAFs) is endorsed.

6. Cross-border Payments: Towards Efficiency

Pursuing Payment Improvements

The G20 reaffirms its commitment to achieving global targets for faster, cheaper, and more transparent cross-border payments by 2027.

Exploring CBDC Implications

Discussions surrounding the potential macro-financial implications of Central Bank Digital Currencies (CBDCs), particularly in the context of cross-border payments and the international monetary and financial system, are encouraged.

7. Education: Nurturing Human Capital

Embracing Digital Education

Human capital development and the utilization of digital technologies to bridge educational disparities are acknowledged as priorities.

Encouraging Scientific Collaboration

Promoting open, equitable, and secure scientific collaboration and fostering mobility among students, scholars, researchers, and scientists are encouraged.

Ensuring Inclusive Education

The declaration underscores the importance of inclusive, equitable, high-quality education and skills training, with foundational learning as a primary building block.

8. Agriculture: Ensuring Food Security

Facilitating Trade

Rising commodity prices that contribute to the cost of living pressures are addressed.

Advocating Rules-Based Trade

G20 leaders commit to facilitating open, fair, predictable, and rules-based trade in agriculture, food, and fertilizers, in accordance with relevant WTO rules.

Prioritizing Food Security

Support for developing countries in their efforts to address food security challenges is accentuated, aligning with the G20 Deccan High-Level Principles on Food Security and Nutrition 2023.

9. Religious Tolerance: Fostering Harmony

Denouncing Religious Hatred

Acts of religious hatred against individuals, religious symbols, and holy books are strongly condemned.

Celebrating Diversity

Promoting respect for religious and cultural diversity, dialogue, and tolerance takes center stage.

Recognizing Rights Interdependence

The declaration recognizes the interdependence of freedom of religion or belief, freedom of opinion or expression, peaceful assembly, and freedom of association as instruments to combat intolerance and discrimination based on religion or belief.

10. Combating Corruption: A Collective Endeavor

A Zero-Tolerance Approach

The G20 reiterates its unwavering commitment to zero tolerance for corruption.

International Collaboration Against Corruption

The imperative of strengthening international cooperation and information sharing in the fight against corruption is vigorously urged.

Strengthening Asset Recovery

The joint Declaration calls for reinforced mechanisms for asset recovery to combat corruption effectively.

Conclusion

The New Delhi Declaration stands as a testament to the collective dedication of G20 member countries in addressing global challenges. It reflects their unwavering commitment to forging a more prosperous, peaceful, and sustainable world through cooperation and concrete actions across diverse domains.