Basic Concept
- Leaders from the G20 member nations came to an agreement and adopted the New Delhi Declaration during the G20 summit in New Delhi.
- On important global concerns, this proclamation offers agreements and commitments.
The following are the main ideas of the New Delhi Leaders' Declaration from the G20:
[1] War in Ukraine
- Resolution that promotes peace: The G20 nations stress the value of peace and urge all nations to maintain the rules of international law, especially territorial integrity and sovereignty.
- Humanitarian Concerns: The proclamation expresses serious concern for the suffering of people and the negative effects of wars and conflicts around the world, with particular reference to the conflict in Ukraine.
- UN Charter Principles: The UN Charter emphasises that all states must act in conformity with its purposes and tenets, abstaining from using force or threatening to use it in order to seize territory.
- Disarmament of nuclear weapons: It is forbidden to use or even hint at using nuclear weapons.
[2] Countering Terrorism and Money Laundering
- Condemnation of Terrorism: The G20 denounces terrorism in all of its manifestations, including acts committed in the name of religion or those are motivated by xenophobia, racism, or intolerance.
- Holistic Approach: To effectively combat terrorism, a holistic approach based on international law is encouraged, with a focus on enhancing international collaboration to deny terrorist organisations a safe haven, operational freedom, and financial assistance.
- Concerns regarding the illicit trade in small guns and light weapons are discussed, with a focus on international cooperation between nations to tackle these phenomena.
- Financial Action Task Force (FATF): The G20 leaders pledge to support the FATF's and regional bodies designed to be FATF-compliant's resource needs in the fight against money laundering and terrorism funding.
[3] Economy & Climate
- Sustainable Growth: In response to the uneven epidemic recovery, G20 leaders advocate for strong, sustainable, and inclusive growth.
- Climate Action: Investing in sustainable energy technology and meeting national climate objectives will cost countries trillions of dollars.
- Reforming Financial Institutions: It is recommended that international financial institutions undergo reforms as well as measures to control the debt vulnerabilities in low- and middle-income nations.
- Crypto Asset Taxation: By 2027, there will be an interchange of tax-related data on crypto assets.
- Energy Transition: The declaration urges quick action to phase out unabated coal power and end subsidies for inefficient fossil fuels.
- Financial Stability: The necessity for properly calibrated monetary, fiscal, financial, and structural policies is highlighted in order to encourage growth, lessen inequality, and sustain macroeconomic and financial stability.
[4] Global Growth
- Policy Coordination: The G20 leaders emphasise the need for carefully calibrated monetary, fiscal, financial, and structural policies in order to foster growth, lessen inequality, and uphold macroeconomic and financial stability.
- They also emphasise that central banks are dedicated to achieving price stability in accordance with their individual mandates.
- Financial Stability Board (FSB): The FSB, Standard Setting Bodies (SSBs), and jurisdictions are to be commended for their efforts in looking at the lessons learned from the current banking turmoil.
[5] Multilateral Development Banks
- Enhancing MDBs: G20 leaders stress the significance of establishing multilateral development banks (MDBs) that are better, bigger, and more effective.
- Financial institutions are urged to use creative financing techniques and alliances to utilise private resources for optimum development impact.
- Capital Adequacy Frameworks (CAFs): The plan for putting the G20 Independent Review of MDBs CAFs recommendations into action is approved.
[6] Cross-border Payments
- Payment Improvements: By 2027, the G20 confirms its commitment to attaining the global goals for quicker, less expensive, and more transparent cross-border payments.
- Discussion of Central Bank Digital Currencies (CBDCs): Discussions on the possible macro-financial effects of CBDCs are encouraged, particularly with regard to cross-border payments and the global monetary and financial system.
[7] Education
- Digital Education: The G20 understands the need of promoting digital technology to bridge educational gaps and investing in human capital development.
- Promotion of open, equitable, and secure scientific collaboration is encouraged, as is the mobility of students, scholars, researchers, and scientists.
- The focus is on providing inclusive, equitable, high-quality education and skill development, with basic knowledge serving as the main tenet.
[8] Agriculture
- Trade facilitation: Concerns about the impact of rising commodity prices on cost of living pressures are addressed.
- Rules-Based Trade: The G20 leaders pledge to promote fair, predictable, open, and rules-based trade in food, fertilisers, and agriculture in accordance with pertinent WTO rules.
- Food Security: In accordance with the G20 Deccan High-Level Principles on Food Security and Nutrition 2023, support for developing countries' efforts to solve food security concerns is prioritised.
[9] Religion
- Religious Tolerance: The G20 vehemently rejects attacks on people, religious icons, and holy texts motivated by a particular religion.
- Cultural Diversity: Promoting tolerance, communication, and respect for differences in religion and culture is a priority.
- Rights Interdependence: It is acknowledged that in order to combat intolerance and discrimination based on religion or belief, there must be an interdependence between freedom of religion or belief, freedom of opinion or speech, peaceful assembly, and freedom of association.
[10] Corruption
- The G20 reaffirmed its commitment to a policy of "zero tolerance" for corruption.
- Cooperation on a global scale: It is advised that information exchange and cooperation on a global scale be strengthened in order to fight corruption.
- Asset Recovery: The joint Declaration also urged bolstering the tools for recouping corrupt acts' property.
Conclusion
The G20 member nations have worked together to address global issues and pursue a more wealthy, peaceful, and sustainable world, as evidenced by the New Delhi Declaration.
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