Indian Prime Minister Narendra Modi said during the Business 20 Summit in New Delhi that India’s role as the G20 host this year would focus on highlighting the concerns of the developing world. Modi proposed the African Union to become permanent members of the G20, emphasizing a vision of inclusiveness. The B20 industry event, part of the summit of the 20 leading rich and developing nations, discussed building resilient supply chains, digital transformation, debt distress facing developing countries, and climate change goals. Recommendations from industry and policy leaders will be shared with the G20 governments.
India, as the host of the G20 this year, has aimed to bridge the differences among member countries over the war in Ukraine. However, none of the several meetings held in the country has produced a communique, raising questions about the upcoming summit. Despite the East-West split over Ukraine, India has consistently appealed for consensus on issues that disproportionately affect developing countries. These include unsustainable debt levels, inflation, and climate change. Bringing the African Union into the G20 fold is seen as a key part of India’s strategy.
According to External Affairs Minister Subrahmanyam Jaishankar, the G20 has deliberated on rising debt, sustainable development, climate action, and food security, among other issues affecting low to middle-income countries. Jaishankar stressed the need to address the crucial concerns of the Global South, as the core mandate of the G20 is to promote economic growth and development. The three-day conference in New Delhi was attended by ministers and policymakers from G20 countries, including China and the United Kingdom.
China’s Vice Commerce Minister Wang Shouwen discussed the growing trade between China and India during the conference. He invited India to join the Regional Comprehensive Economic Partnership, a China-centered Asian trade bloc formed last year. However, India’s Minister of Commerce and Industry, Piyush Goyal, expressed concerns about the trade deficit between the two countries, which is the highest for India. The trade deficit stood at $101.28 billion in 2022. Goyal questioned how China could supply goods at prices lower than the raw material costs.
