According to White House officials, a multinational rail and port agreement connecting Middle East and South Asia will be announced at the summit on Saturday.
The G20 leaders’ summit will begin on Saturday in the Indian capital New Delhi. Summit participants have different points of view on the war in Ukraine, but are unanimous on issues such as cryptocurrencies and reforms in multilateral development banks.
Indian Prime Minister Narendra Modi announced on Saturday that the African Union has become a permanent member of the G20.
Honoured to welcome the African Union as a permanent member of the G20 Family. This will strengthen the G20 and also strengthen the voice of the Global South.
The African Union consists of 55 member states. He is represented at the summit by Chairperson Azali Assoumani. The union currently has the same status as the European Union, the only regional bloc with full membership. It used to be called an “invited international organisation.”
According to Reuters, the countries could not reach a consensus on the wording of the war in Ukraine and therefore gave the leaders the opportunity to reach a compromise at the summit.
The 38–page draft consists of 76 paragraphs, one of which – “the geopolitical situation” – remained uncoordinated. Biden is going to advocate for a climate change review by major countries at the summit, as the issue of cutting emissions remains unresolved.
G20 negotiators have been struggling for several days to agree on the wording due to disagreements over the war. They hope to involve Russia in the preparation of the so-called Declaration of Leaders.
Russia is represented at the meeting by Foreign Minister Sergey Lavrov. He said he would block the final declaration if it did not reflect Moscow’s position on Ukraine and other important issues.
The document shows that the group agreed to address debt vulnerability in low- and middle-income countries in an “effective, integrated and systematic manner.” However, no action plan has been developed.
The draft also reflects that the countries have adopted a proposal to tighten the regulation of cryptocurrencies.
Summit participants also agreed that the world needs $4 trillion in annual funding to support the energy transition. However, the project does not mention phasing out fossil fuels.
Chinese President Xi Jinping skips the meeting and sends Prime Minister Li Qiang instead. Russian President Vladimir Putin will also not attend the summit.
The event will be attended by American leader Joe Biden, German Chancellor Olaf Scholz, French President Emmanuel Macron, British Prime Minister Rishi Sunak, Saudi Arabian leader Mohammed Bin Salman and Japanese Prime Minister Fumio Kishida.
Prime Minister Narendra Modi’s government views India’s chairmanship of the group and the summit as a showcase of the country’s fast-growing economy and its rising global stature.
The multinational rail and port agreement comes at a critical time as US President Joe Biden tries to counter China’s assault on global infrastructure under the Belt and Road Initiative. Biden proposes Washington as an alternative partner and investor for developing countries in the G20 group.
According to Jon Finer, the US deputy national security adviser, the agreement will benefit low- and middle-income countries in the region and allow the Middle East to play a decisive role in global trade.
The memorandum of understanding for the deal would be signed by the European Union, India, Saudi Arabia, the United Arab Emirates, the United States and other G20 partners, Finer said. However, no detailed information about the cost of the deal was provided.
Linking these key regions, we think, is a huge opportunity.
