India to Host G20 Summit in 2023

· Riyadh Summit Eyes to Spur Growth & Control Virus

India which was earlier scheduled to host the G20 Summit in 2022 coinciding with 75th anniversary of Indian independence will now host the Summit in 2023 and swapped the Group's Presidency with Indonesia.

"We thank Saudi Arabia for hosting a successful Riyadh Summit and its contribution to the G20 process. We look forward to our next meetings in Italy in 2021, Indonesia in 2022, India in 2023 and Brazil in 2024." stated the Leaders Declaration at the end of Summit on Sunday night.

It has learnt that the decision to swap with Indonesia was taken after mutual consultations and considerations. Earlier, India had swapped its G20 Presidency with Italy. Originally India was scheduled to host the Summit in 2021 and Italy in 2022.

The G20 Summit 2020 under the Saudi Presidency concluded on Sunday with a goal to create free, fair, predictable, and stable trade and investment environment and committed to ensuring that global transportation routes and supply chains remain open, safe, and secure to ensure economic recovery following the adverse impact of Covid-19.

The leaders underscore the urgent need to bring the spread of the virus under control, which is key to supporting global economic recovery. The G20 further announced that top 20 economies have mobilized resources to address the immediate financing needs in global health to support the research, development, manufacturing, and distribution of safe and effective COVID-19 diagnostics, therapeutics and vaccine.

“Supporting the multilateral trading system is now as important as ever. We strive to realize the goal of a free, fair, inclusive, non-discriminatory, transparent, predictable, and stable trade and investment environment, and to keep our markets open. We will continue to work to ensure a level playing field to foster an enabling business environment. We endorse the G20 Actions to Support World Trade and Investment in Response to COVID-19,” stated the G20 Leaders declaration at the end of November 21-22 Summit whose key goal was to combat pandemic and push growth.

The leaders also committed to ensured that global transportation routes and supply chains remain open, safe, and secure, and that “any restrictive measures related to COVID-19, including for air and sea crews, are targeted, proportionate, transparent, temporary, and in accordance with obligations under international agreements”.

Supporting India’s call for effectively controlling terror finances globally, the G20 leaders also supported the Anti-Money Laundering (AML)/Counter-Terrorist Financing (CFT) policy responses detailed in FATF’s paper on COVID-19, and reaffirmed support for the FATF, as the global standard-setting body for preventing and combating money laundering, terrorist financing and proliferation financing.

“We reiterate our strong commitment to tackle all sources, techniques and channels of these threats. We reaffirm our commitment to strengthening the FATF’s Global Network of regional bodies, including by supporting their expertise in mutual evaluations, and call for the full, effective and swift implementation of the FATF standards worldwide. We welcome the strengthening of the FATF standards to enhance global efforts to counter proliferation financing,” stated the Declaration.

The leaders also announced that G20 will continue to lead by example in the global fight against corruption. The leaders also decided to continue cooperation for a globally fair, sustainable, and modern international tax system.

Meanwhile Prime Minister Narendra Modi on Sunday emphasised on keeping the focus on climate change, saying it is an issue which needs to be fought in an integrated manner. “It is equally important to keep our focus on fighting climate change. Climate change must be fought not in silos but in an integrated, comprehensive and holistic way,” he said while addressing a side event – ‘Safeguarding Earth’ of the G20 Summit virtually.