Recently the 17th Annual Summit of G-20 has been organized in Bali, Indonesia under the theme ‘Recover Together, Recover Stronger’.
- This G-20 summit was addressed by the Prime Minister as well as India has taken over the presidency of G-20 and now the 18th summit will be held in India in
- During this, the Prime Minister described the current phase of climate change, COVID- 19 pandemic and developments in Ukraine as a challenging global environment. In view of this, he has called for a new world order.
- Due to all these problems, both India and the world are facing a stressful economic situation; disruption to global supply chains; energy security challenges; Disruption of cooperation in the global system is facing adverse consequences.
- The above circumstances provide India a unique opportunity to establish itself as an important actor in the emerging world order.
This is possible in the following forms:
- By ensuring a stable and multipolar balance of power to develop a world order based on the rule of law, transparency, freedom of navigation in international seas, respect for territorial integrity, etc.
- Balancing broad strategic ties with major powers such as the US and Russia while maintaining strategic autonomy.
- By ensuring Indian representation and leadership in matters of global governance such as climate change, terrorism, connectivity and maritime security.
- Prioritizing the goal of an integrated neighbourhood. This includes strengthening its economic and strategic ties with countries in the region. Also, it involves playing the role of the country establishing the security balance in the region.
- The G20 was formed in the backdrop of the financial crisis of the late 1999s, which particularly affected East Asia and South-East Asia.
- It aims to secure global financial stability by including middle-income countries.
- Together the G20 countries account for 60% of the world’s population, 80% of global GDP and 75% of global trade.
Source – The Hindu