India got a big opportunity by chairing the G-20 Summit, helped in strengthening trade relations, know the opinion of experts

G-20 Summit: The presidency of G20 is helping India to strengthen trade relations with the member countries. Giving this opinion, experts have said that investment is being received from these countries in areas like infrastructure. He said that G20 (Group of 20 countries) has a strategic role in achieving future global economic growth and prosperity. Its member global GDP (Gross Domestic Product) represent about 85 percent of the world’s GDP, 75 percent of global trade and two-thirds of the world’s population. Experts said that chairing this multilateral forum is a big opportunity for India, as it can showcase its strengths and achievements to attract investments. Also, our trade relations with these big economies can be strengthened.

43 countries are included in G-20

In fact, there are not 20 but 43 countries in the G20, because 24 countries of the European Union have been included as partners. Trade experts suggested the government to accelerate negotiations for free trade agreements (FTAs) with countries like Britain and the European Union. Ajay Srivastava, co-founder of research institute Global Trade Research Initiative (GTRI), said that in the first eight months of 2023, the EU introduced five rules on climate change and trade. G20 countries should not ignore this and individual countries should discuss it before going to the World Trade Organization (WTO).

‘G-20 should find digital economy’

Shardul S Shroff, executive chairman of Shardul Amarchand Mangaldas & Company, said that India should find a common ground with G20 countries to set global standards for the digital economy. He said that at the same time the country should use its global ‘influence’ to promote exports of information technology (IT) and IT-based services. Rumki Majumdar, economist at Deloitte India, said many multinational companies are looking for alternative destinations for investment and diversifying supply chains. India’s G20 presidency will help in attracting many such companies.

Africa is top priority: PM

Prime Minister Narendra Modi said days before the summit of the influential grouping G-20 that India supports the inclusion of the African Union as a full member of the grouping of the 20 largest economies as all voices need to be represented and acknowledged. Unless we meet, no plan for the future of the world can be successful. Modi also said in an exclusive interview that Africa is a “top priority” for India and that it works to include in global affairs those who feel their voices are not being heard. Over the past few years, India has been establishing itself as a leading voice in putting forward the concerns, challenges and aspirations of the ‘Global South’ or developing countries, especially the African continent.

‘Theme of G-20 Chairmanship – ‘Vasudhaiva Kutumbakam’

Prime Minister Modi said that I would like to draw your attention to the theme of our G-20 presidency – ‘Vasudhaiva Kutumbkam – One Earth, One Family, One Future’. This is not just a slogan, but a comprehensive philosophy that has emerged from our cultural fabric. Responding to a question regarding India’s proposal for G-20 membership of the African Union, he said that it guides our approach within India and also towards the world. The Prime Minister is leading from the front on the issue of membership of the African Union in the G-20. Last June, Modi had written a letter to the leaders of G-20, advocating for giving full membership of this group to the African Union in the summit to be held in New Delhi.

55 countries of the continent of Africa are involved

Weeks later, during the third G-20 Sherpa meeting in Hampi, Karnataka, in July, this proposal was formally included in the draft statement of the summit. The final decision on the proposal will be taken at the G-20 summit to be held in New Delhi on 9 and 10 September. The African Union (AU) is an influential organization that includes 55 countries on the African continent. The Prime Minister also mentioned India’s hosting of the ‘Voice of the Global South’ summit in January, which aimed to bring to the international stage the challenges faced by developing countries. Narendra Modi said that even within the G-20, Africa is a top priority for us. One of the first things we did during our presidency of the G-20 was to organize the Voice of the Global South summit. There was enthusiastic participation of Africa in this.

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