India has proposed a global legal framework for ease of doing business at the G20, with a focus on greater opening up of trade and investment to lift growth, according to people familiar with the matter. The draft revised declaration, to be discussed by the G20 sherpas at their third meeting under the Indian presidency, has received overwhelming backing from all members. Prime Minister Narendra Modi’s proposal to include the African Union as a member has also been included in the draft declaration. The European Union, which controls 80% of the world’s economy, is already a member of the G20.

The discussions at the three-day meeting of the G20 sherpas will include a global framework for crypto assets and measures to reform the multilateral development banks. The draft preamble of the declaration emphasises on the theme of India’s presidency of ‘One World-One Family’.

According to one of the sources, there is a need to lower barriers to trade and investment to promote cross-border flow of capital. The draft also proposes risk mitigation to foster global value chains that can lift medium and small enterprises in the G20 countries. India’s focus is not just on growth but also on accelerated, inclusive, sustainable and resilient growth. The country will also focus on calibrated monetary and fiscal policies to bring stability in the global economy while protecting the poor.

The upcoming meeting of the G20 sherpas will look at bringing economic measures at the centre of the deliberations, for which the grouping was formed, though it will also address the sensitive issue of the Ukraine-Russia conflict.

Over 120 delegates, led by their sherpas and heads of delegations from G20 members, invitee countries and international organisations, will engage in co-authoring of the Leaders Declaration to be adopted by G20 leaders at the New Delhi Summit.