Global challenges and failed G20 talks
THE Group of Twenty (G20) is the world’s top intergovernmental platform for economic collaboration. The forum plays critical role in shaping and strengthening the global management and infrastructure and most importantly International economic problems. G20 meetings endorse dialogue in order to strengthen global economic growth, such as finance, trade, infrastructure and investment, energy, employment, corruption eradication, development, agriculture, and technology, innovation, and the digital economy.
The G20 is an important forum for seeking multilateral solutions for pressing problems such as the global food crisis or the climate crisis. The G20 members represent around 85% of the global GDP, over 75% of the global trade, and about two-third of the world population. The Foreign Ministers of the G20 nations gathered in New Delhi on March 1st and 2nd. The meeting’s main focus was on geopolitical issues, the global impact of Ukraine war and how to control the climate catastrophe, as well as global food and energy security.
The agenda for India has been to really focus on issues of global south and viewed it as a golden opportunity to project itself as the voice of global south .India was very enthusiastic about this meeting but it ended with tense situation because of opposing views held by participating Nations on the ongoing war in Ukraine that is the dominant theme of G20‘s meeting. India could not criticize Russia in Ukraine war as it imports oil and arms from it.
India has regularly abstained from voting on UN resolutions condemning the war in Ukraine, including a vote held at the UN General Assembly last week. India wanted to discuss other issues of South Asia by putting Ukraine war in the backside. How could this possible? India is concerned about inflation, climate crisis and energy crisis but not about people and children who lost their lives in Ukraine war. They must think about Humanitarian crisis. The ongoing war in Ukraine is alarming as it is affecting world trade and creating food insecurity in the global world.
This is the most difficult time as world is facing many challenges like energy, climate, food insecurity which all leads to economic turmoil. And the main global issue is Ukraine war which is affecting the global world. Inflation is a major worldwide issue, especially to the people of developing nations. Global inflation rates were already at record-highs at the beginning of 2022: Turkey reported a two-decade high of 48.7% rate of price increases over the last year, Brazil a 7-year high at 10%, and Mexico 7.4%. Russia’s invasion of Ukraine has driven up energy and food prices, particularly wheat. When inflation increases prices get high automatically and hence also impacts food security. The potential for a food crisis is the most alarming concern.
Russia is one of the world’s biggest energy suppliers, providing 14 percent of its crude oil and 9 percent of its natural gas globally. Higher prices for natural gas, a key ingredient for ammonia fertilizer, will push up costs for farmers and reduce crop yields, further exacerbating food shortage. Climate change became a major global concern particularly in developing countries where there are profound effects on the agricultural sector.
The damage is estimated to be in the billions of dollars. According to the Food and Agriculture Organization (FAO) report, the loss with regards to crop and livestock production in developing countries, 37%, had been caused by floods and 19% by drought. Unless and until this war doesn’t stop, the economic crisis cannot be managed. Russian withdrawal from Ukraine can give a hope to reshape the global world order. So the purpose of this meeting failed and it is a great diplomatic embarrassment for India.
—The writer is a Research Assistant at Centre for International Strategic Studies, AJK.
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