2022 G20 Bali summit

Indos · Nov 17, 2022

NOVEMBER 16, 2022

G20 Bali Leaders’ Declaration

Bali, Indonesia, 15-16 November 2022

1. Fourteen years ago, the Leaders of the G20 met for the first time, facing the most severe financial crisis in our generation. We recognized, as large global economies, that collectively we carry responsibilities and that our cooperation was necessary to global economic recovery, to tackle global challenges, and lay a foundation for strong, sustainable, balanced, and inclusive growth. We designated the G20 the premier forum for global economic cooperation, and today we reaffirm our commitment to cooperate as we, once again, address serious global economic challenges.

2. We met in Bali on 15-16 November 2022, at a time of unparalleled multidimensional crises. We have experienced the devastation brought by the Covid-19 pandemic, and other challenges including climate change, which has caused economic downturn, increased poverty, slowed global recovery, and hindered the achievement of the Sustainable Development Goals.

3. This year, we have also witnessed the war in Ukraine further adversely impact the global economy. There was a discussion on the issue. We reiterated our national positions as expressed in other fora, including the UN Security Council and the UN General Assembly, which, in Resolution No. ES-11/1 dated 2 March 2022, as adopted by majority vote (141 votes for, 5 against, 35 abstentions, 12 absent) deplores in the strongest terms the aggression by the Russian Federation against Ukraine and demands its complete and unconditional withdrawal from the territory of Ukraine. Most members strongly condemned the war in Ukraine and stressed it is causing immense human suffering and exacerbating existing fragilities in the global economy – constraining growth, increasing inflation, disrupting supply chains, heightening energy and food insecurity, and elevating financial stability risks. There were other views and different assessments of the situation and sanctions. Recognizing that the G20 is not the forum to resolve security issues, we acknowledge that security issues can have significant consequences for the global economy.

4. It is essential to uphold international law and the multilateral system that safeguards peace and stability. This includes defending all the Purposes and Principles enshrined in the Charter of the United Nations and adhering to international humanitarian law, including the protection of civilians and infrastructure in armed conflicts. The use or threat of use of nuclear weapons is inadmissible. The peaceful resolution of conflicts, efforts to address crises, as well as diplomacy and dialogue, are vital. Today’s era must not be of war.

5. At today’s critical moment for the global economy, it is essential that the G20 undertakes tangible, precise, swift and necessary actions, using all available policy tools, to address common challenges, including through international macro policy cooperation and concrete collaborations. In doing so, we remain committed to support developing countries, particularly the least developed and small island developing states, in responding to these global challenges and achieving the SDGs. In line with the Indonesian G20 Presidency theme — Recover Together, Recover Stronger — we will take coordinated actions to advance an agenda for a strong, inclusive and resilient global recovery and sustainable development that delivers jobs and growth. With the above in mind, we will:

More on it :

G20 Bali Leaders’ Declaration | The White House

Bali, Indonesia, 15-16 November 2022 1. Fourteen years ago, the Leaders of the G20 met for the first time, facing the most severe financial crisis in our

www.whitehouse.gov

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November 16, 2022
6:08 PM GMT+7
Last Updated 3 days ago

Key takeaways from the G20 summit in Bali

Reuters

A general view of the room during a session at the G20 Leaders' Summit, in Nusa Dua, Bali, Indonesia, November 16, 2022. REUTERS/Willy Kurniawan/Pool

Nov 16 (Reuters) - Leaders of the world's Group of 20 (G20) wealthiest nations concluded a two-day summit on the Indonesian island of Bali on Wednesday deploring Russia's aggression in Ukraine "in the strongest terms", among other highlights.

Here are key takeaways from the meeting:

CONDEMNING RUSSIAN AGGRESSION

Meetings of G20 ministers earlier this year ended without joint declarations because of Russian opposition to references to the war in Ukraine. This week, leaders adopted a declaration deploring Russia’s aggression in Ukraine “in the strongest terms” and demanding its unconditional withdrawal. They also recognized that while most members condemned the war in Ukraine, “there were other views and different assessments of the situation and sanctions.”

Participants said the statement was unanimously adopted. The summit’s host, Indonesian President Joko Widodo, said all had shown “flexibility.”

“Most members strongly condemned the war in Ukraine and stressed it is causing immense human suffering and exacerbating existing fragilities in the global economy – constraining growth, increasing inflation, disrupting supply chains, heightening energy and food insecurity, and elevating financial stability risks,” the leaders’ declaration said.

They also denounced any threat of the use of nuclear weapons, an implicit rebuke of Russia.

Russian Foreign Minister Sergei Lavrov, who headed the Russian delegation to the summit in the absence of President Vladimir Putin, condemned “politicization” of the meeting.

U.S.-CHINA TIES ON BETTER FOOTING

The summit was preceded by a bilateral meeting between U.S. President Joe Biden and Chinese leader Xi Jinping, the first time the two had met since Biden became president.

Although there were few tangible results, it was overall a positive meeting after relations between the superpowers plunged to near historic lows earlier in the year.

Both sides said while the three-hour meeting laid out major differences, especially over Taiwan, trade restrictions and technology transfers, the two agreed to keep communications open and avoid confrontation.

Perhaps the most concrete outcome was that U.S. Secretary of State Antony Blinken now plans to visit to China early next year, the highest-level U.S. visit to China in more than four years.

FOCUS ON GLOBAL ECONOMY

The G20 economies agreed in their declaration to pace interest rate rises carefully to avoid spillovers and warned of “increased volatility” in currency moves, a sea change from last year’s focus on mending the scars of the COVID-19 pandemic.

The reference to spillovers was a nod to emerging economies’ concerns about the potential for huge capital outflows if aggressive U.S. rate increases continue.

With the Ukraine war, as well as massive pandemic-era spending packages blamed for fueling red-hot inflation, the G20 countries said further fiscal stimulus measures should be “temporary and targeted.”

On debt, they voiced concern about the “deteriorating” situation of some middle-income countries and stressed the importance of all creditors sharing the burden.

FOOD SECURITY

The leaders promised to take coordinated action to address food security challenges and applauded the Black Sea grains initiative, but civil society groups criticized what they said was the absence of concrete steps on hunger.

“The G20 is merely repeating old commitments from previous years or noting developments elsewhere, rather than taking on leadership themselves,” said Friederike Roder of the group Global Citizen. “Fifty million people are at the brink of starvation as we speak. There is no time for the G20 to issue calls to action – they are the ones who have to act.”

CLIMATE CHANGE

G20 leaders agreed to pursue efforts to limit the global temperature increase to 1.5 degrees Celsius – confirming they stand by the temperature goal from the 2015 Paris Agreement on climate change.

That could boost negotiations at the U.N. COP27 climate summit in Egypt, where some negotiators feared the G20 would fail to back the 1.5C goal – potentially thwarting a deal on it among the nearly 200 countries at the U.N. talks.

On the sidelines of the summit, the United States, Japan and partners said they would mobilize $20 billion of public and private finance to help Indonesia shut coal power plants and bring forward the sector’s peak emissions date by seven years to 2030.

Biden and Xi agreed to resume cooperation on climate change.

CHINA’S OUTREACH

In just his second visit overseas since the beginning of the COVID-19 pandemic, Xi held bilateral meetings with many U.S. allies, signaling a willingness to mend ties with critics.

Besides the meeting with Biden, Xi held talks with Australian Prime Minister Anthony Albanese, South Korean President Yoon Suk-yeol, Canadian Prime Minister Justin Trudeau and French President Emmanuel Macron.

A meeting with British Prime Minister Rishi Sunak was canceled due to scheduling issues, Downing Street said. Xi is set to meet Japanese Prime Minister Fumio Kishida later this week.

“It is not decisive but an important step towards trying to reduce disagreements,” Shi Yinhong, a professor of international relations at Beijing’s Renmin University, said of Xi’s meetings at the gathering.

(Reporting by Leika Kihara, Stanley Widianto, Ananda Teresia, Andreas Rinke, Kate Abnett, Eduardo Baptista; Writing by Raju Gopalakrishnan)

Key takeaways from the G20 summit in Bali

Leaders of the world's Group of 20 (G20) wealthiest nations concluded a two-day summit on the Indonesian island of Bali on Wednesday deploring Russia's aggression in Ukraine "in the strongest terms", among other highlights.

www.reuters.com