G20 Bali Leaders’ Declaration

In News

  •  The G20 summit was recently concluded in Bali, Indonesia.

More about the news

  • India’s Presidency:
    • Indonesia handed over the G20 presidency to India for the coming year as the Bali summit of the grouping ended with the member states finalising the joint declaration. 
  • Bali Leaders’ Declaration:
    • War in Ukraine
    • Threats to security:
      • The G20 declaration also called upon the international community to “step up” efforts to counter 
        • Money laundering, 
        • Terrorism financing and 
        • Proliferation financing 
        • The declaration also urged the Financial Action Task Force (FATF) and FATF Style Regional Bodies to “lead global action” to respond to these threats. 
  • Multilateral Trading System (MTS):
    • The leaders also said the “rules-based, non-discriminatory, free, fair, open, inclusive, equitable, sustainable and transparent multilateral trading system (MTS) with the WTO [World Trade Organisation] at its core, is indispensable” to advancing inclusive growth among the member states.

Know about G20

  • Origin:
    • The G20 was formed in 1999 in the backdrop of the financial crisis of the late 1990s that hit East Asia and Southeast Asia in particular. 
    • Its aim was to secure global financial stability by involving middle-income countries. 
    • As stated by the official G20 Website: 
      • On the advice of the G7 Finance Ministers, the G20 Finance Ministers and Central Bank Governors began holding meetings to discuss the response to the global financial crisis that occurred,” 
  • Objectives:
    • Policy coordination between its members in order to achieve global economic stability, sustainable growth;
    • To promote financial regulations that reduce risks and prevent future financial crises; and
    • To create a new international financial architecture.
  • Members & guests: 
    • Members: 
      • Argentina, Australia, Brazil, Canada, China, France, Germany, Japan, India, Indonesia, Italy, Mexico, Russia, South Africa, Saudi Arabia, South Korea, Turkey, the United Kingdom, the United States, and the European Union. 
      • Spain is also invited as a permanent guest.
    • Others: Each year, the Presidency invites guest countries, which take full part in the G20 exercise
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