De-risking global economy, a G-20 priority

Foreign ministers from the Group of 20 (G20) nations gathered in New Delhi on March 1 for a two-day meeting hosted by India. The meeting is expected to focus on climate change and the “de-risking” of the global economy, as well as the ongoing Russia-Ukraine conflict. The meeting will be attended by foreign ministers from China, the US, Russia, and other G20 nations. Japan is represented by a deputy minister after Foreign Minister Yoshimasa Hayashi had to skip the meeting due to a parliamentary session.

After a welcome ceremony on March 1, substantive discussions on issues such as multilateralism, food and energy security, development cooperation, counter-terrorism, and humanitarian assistance and disaster relief will take place on March 2. Indian Prime Minister Narendra Modi is expected to address the foreign ministers’ meeting.

Indian External Affairs Minister Subrahmanyam Jaishankar has said that the major concern of the G20 will be to find ways of de-risking the global economy. He also emphasized India’s goal of being the voice of the global south to address the challenges they face during its G20 presidency.

Ahead of the meeting, India is attempting to forge an understanding and close the gap between the West and Russia over the Ukraine issue. China and India have refrained from denouncing the Russian special operation in Ukraine and have been advocating for the conflict’s peaceful resolution through dialogue and diplomacy.

The G20 is an intergovernmental forum of the world’s major developed and developing economies, with members accounting for nearly two-thirds of the world’s population, over 75 percent of global trade, and about 85 percent of the world’s GDP. There will be 15 ministerial-level meetings of the G20 this year besides the President and Prime Minister-level conclaves in September.