Nigeria mulls G20 bloc membership, president to attend summit in India
Nigeria is considering joining the G20, as President Bola Tinubu attends the G20 summit in India to promote foreign investment and encourage economic reforms.
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Posted 9/3/2023, 4:53:00 PM
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India's G20 presidency has shaped its global future and brought the country to the forefront of the international stage, with discussions at the NDTV G20 Conclave focusing on energy transition, clean growth, digital economy, and India's rising global influence.
India's External Affairs Minister, S Jaishankar, highlighted the importance of addressing the concerns of the global south in promoting economic growth and development during the B20 Summit, stating that India recognized the absence of the global south's voice in the G20 and took steps to rectify this by convening the Global South Summit.
US Secretary of the Treasury Janet L Yellen will attend the G20 Leaders' Summit in New Delhi to focus on strengthening the global economy, supporting low and middle-income countries, and addressing global challenges such as climate change and pandemics.
Indian Prime Minister Narendra Modi emphasized that the theme of India's G20 Presidency, 'Vasudhaiva Kutumbakam,' is not just a slogan but a comprehensive philosophy derived from the country's cultural ethos. He also highlighted the importance of including the African Union in the G20 and expressed his belief that India will soon be among the top three economies in the world. The G20 Summit, to be held in September, will see increased security measures with 1,500 Delhi Police personnel deployed outside the venue.
The Indian government is taking a different approach to the G20 summit, aiming to make it a national endeavor and involve different parts of the country, according to External Affairs Minister S Jaishankar.
The G20, which is meeting in New Delhi, India, has seen a major shift in power dynamics over the past two decades, with the BRICS bloc now having a slightly higher combined GDP than the US, and EU countries accounting for around 20% of the G20's economic output.
Nigeria has secured nearly $14 billion in investment pledges from Indian investors and is seeking an economic cooperation pact with India, with commitments from companies such as Jindal Steel and Power and Indorama Corp, as President Bola Tinubu attends the G20 summit in New Delhi.
India's G20 presidency may be seen as a failure in terms of achieving global consensus, but it has been successful in boosting India's image, promoting its leadership in the "global south," and enhancing the personality cult of Prime Minister Narendra Modi domestically.
President Joe Biden will attend the Group of 20 (G20) summit in India as a supporter, even as the US acknowledges that India's interests may diverge from Washington's, with India seeking to emphasize development issues and bridge the concerns of the world's largest economies with those of the Global South.
India is hosting the G20 summit as Prime Minister Narendra Modi seeks to establish himself as a global leader, but activist Arundhati Roy criticizes the event as a vanity event for Modi and raises concerns about the treatment of minorities in India.
President Biden aims to use the G20 summit as an opportunity to strengthen the U.S.'s position as the leader of the global system, boost funding for the World Bank, and counterbalance China's Belt and Road Initiative; meanwhile, a potential strike looms for General Motors and Ford, and the Federal Reserve plans to maintain interest rates while addressing inflation concerns.
Azali Assoumani, President of Comoros and Chairperson of the African Union, arrives in India to participate in the G20 summit, a move supported by Prime Minister Narendra Modi to grant full membership to the African Union, contributing to a more inclusive global framework.
The African Union (AU) has been granted permanent membership in the G20, according to Indian Prime Minister Narendra Modi during the G20 Summit, marking the AU's inclusion in the group of 20 largest economies worldwide.
The Group of 20 (G20) is an international organization that aims to unite world leaders around shared economic, political, and health challenges, with its members representing more than 80 percent of the world's economic output. The annual G20 summit brings together finance ministers and heads of state to discuss and address key issues, often culminating in a joint statement of collective action.
UK Prime Minister Rishi Sunak believes that the G20 leaders can address the enormous challenges facing the world and provide leadership, as he attends the summit in Delhi alongside Prime Minister Narendra Modi, who emphasized India's inclusive approach to the G20 presidency and proposed granting the African Union permanent membership.
Prime Minister Narendra Modi urged world leaders at the G20 Summit to overcome the "trust deficit" caused by war and emphasized the importance of finding new solutions to global challenges during his opening address. Additionally, he announced that the African Union has been granted permanent membership in the G20.
G20 leaders have arrived in Delhi, India for the annual summit, where they will discuss global issues such as inclusive growth, digital innovation, and climate resilience.
The African Union's membership in the G20 will provide an opportunity for the continent to make a significant contribution to addressing global challenges, according to AU Commission head Moussa Faki Mahamat.
The G20 in India will be remembered for its historic achievements, including bringing the African Union to the table and creating a global bio-fuel alliance, according to Union Minister Hardeep Singh Puri.
The International Monetary Fund's deputy director, Gita Gopinath, congratulates Prime Minister Narendra Modi on successfully hosting the G20 Summit in India, with the leaders discussing various crucial developments and signing a Memorandum of Understanding for the India-Middle East-Europe Economic Corridor.
Leaders of the G20 summit in India overcame divisions on the Ukraine war and admitted the African Union to the bloc, while also announcing plans for a transport corridor and incremental progress on climate change.
The G20 summit in New Delhi highlighted the shift in power dynamics, as Western leaders signed a joint statement on Ukraine with Russia, recognizing the need for realpolitik and the importance of India's role in the emerging multipolar world. The inclusion of the African Union in the G20 and calls to increase World Bank lending to developing countries further reflect this changing landscape.
The G20 summit in New Delhi saw the admission of the African Union, the launch of the India-Middle East-Europe Economic Corridor, and an absence of Xi Jinping and Vladimir Putin, signaling shifts in the international order and a move towards more inclusive organizations; however, Pakistan must address its internal issues to participate in these global trade networks and have its voice heard on issues like Kashmir.