As India wraps up its G20 presidency, it is over to Brazil now

India’s G20 presidency, which came to an end on November 30, saw the first ever virtual Leaders’ Summit on November 22, which was hosted by Prime Minister Narendra Modi. However, the initiative took place in a very different geopolitical environment than the G20 Leaders’ Summit in New Delhi two months ago. Since then, the Israel-Hamas war has cast a pall over conversations about the future of the world, while the diplomatic tension between India and Canada has also cast a shadow on the issues taken up in the Delhi Declaration.

While government officials had underlined that the G20 discussions would not look into bilateral issues, the conflict in the Middle East did take centre stage, and PM Modi said there was a “seven-point” convergence among G20 leaders over the war and the need for a two-state solution for Israel and Palestine. The virtual summit saw participation from 22 heads of state and all the heads of international organisations.

For India, which took up the issue of the Global South as part of its G20 presidency, there has been real progress in creating a more equitable world, with the proposal to give the Global South a greater say in the running of multilateral development banks gathering steam.

In the coming days, however, the focus will be on climate finance at the COP28 summit being held in Dubai from November 28 to December 12. Another area where progress is likely to be seen is the common global regulatory framework for cryptocurrencies, with the International Monetary Fund and the Financial Stability Board set to provide an update on the G20 crypto regulatory plan.

Brazilian action on many of these concerns will be key. Brazilian President Luiz Inácio Lula da Silva has prioritised hunger and poverty reduction, slowing down climate change, and global governance reforms during the country’s G20 presidency starting December 1. Lula has stressed the need to represent poor nations in global bodies, and is likely to advocate for MDB reforms.

G20 foreign ministers are scheduled to meet in Rio de Janeiro on February 21-22, 2024, followed by G20 finance ministers in Sao Paulo on February 28 and 29. The venue may shift, but indications are that much of the discourse could remain the same.

@surabhi_prasad