Key Outcomes of 13th G-20 Summit
The thirteenth G20 summit was held in the city of Buenos Aires, Argentina between 30 November and 1 December 2018. The leaders of the world’s largest economic powers had gathered at the city of Buenos Aires, Argentina has agreed on host of issues. Major developments at the Buenos Aires include:
All the leaders agreed on the need to reform the World Trade Organisation (WTO). The issue of reforming WTO would be discussed during the next summit to be held at Osaka, Japan.
Truce to the trade battle
In the meeting held between the US President and Chinese Premier on the sidelines of the summit, there was an agreement to have a 90-day truce in their trade battle. The ceasefire declared will provide for time to undertake negotiations to sort their differences in a dispute over Beijing’s aggressive drive to supplant US technological dominance.
The Saudi Crown Prince Mohammed bin Salman was under pressure from leaders of France and Britain over the issue of killing of dissident Saudi newspaper columnist Jamal Khashoggi at the country’s consulate in Istanbul. Canada even raised the issue during the official session. But Saudi continued to deny its role.
The Russian seizure of Ukrainian naval vessels and crews was raised by the western leaders. The diplomatic pressure did not seem to bring either side closer to solving the conflict as both sides sticked to their line refusing to budge.
Climate Change and Paris Deal
Except for US which has withdrawn from the Paris climate deal, all the nations reaffirmed their commitment towards the deal. The host Argentina had put the issue of climate change high on the agenda.
On the sidelines of the summit, US, Canada and Mexico signed the revised North American trade pact.
G20 is an international forum for the governments and central bank governors from 19 countries and the European Union. G20 came into being in 1999 to discuss policy pertaining to the promotion of international financial stability. The severe damages to the global financial system caused by the 2008 crisis, major world economies were determined to upgrade the G20 into global summit joined by heads of states and governments. Thus G20 has developed into a contingent crisis-management mechanism following a series of new institutional designs. G20 is playing an active role in coordinating macroeconomic policies among major world economies, and also in transforming itself into a long-term institution for global governance.