Post by account_disabled on Feb 26, 2024 23:57:58 GMT -6
Solving the world's biggest challenges together” sounds like a great slogan, but as world leaders arrive in India for a two-day G20 summit, tensions over China and the war in Ukraine have made prospects for multilateral deals dim. on the big issues as distant as ever. Although some of the event's shine has faded with the absence of Chinese President Xi Jinping and Russian President Vladimir Putin, the meeting offers an opportunity for India to burnish its credentials as a rising global power in the year when its population overtook China. and its economy was among the fastest growing in the world, One of the priorities of US President Joe Biden's agenda is the strengthening of multilateral institutions as a counterweight to China's growing power. A consensus has already been reached to make the African Union a permanent member of the G20, while Biden is also pushing to expand the lending capacity of the World Bank. Still, the weekend is likely to be characterized by deep divisions, says Brussels bureau chief Henry Foy.
For premium subscribers]remembering that Europe and its allies are clearly a minority. “It is a great lesson for us,” said one European diplomat. “We enjoyed the G7 and we have the feeling that everyone agrees with us. And then we get to the G20 and it becomes brutally clear that that is not the case.” The biggest source of friction is the war in Ukraine. UK Prime Minister Rishi Sunak is Jordan Mobile Number List among those urging India to “denounce” Moscow for its invasion. His Indian counterpart and summit host, Narendra Modi, has remained neutral throughout the conflict, but has spoken of its impact on food and commodity prices. Sunak, the first British prime minister of Indian descent, also hopes to make progress on a post-Brexit trade deal. Climate change is another bone of contention. More than a dozen major Indian companies have written to G20 leaders calling for action on fossil fuels and supporting the green transition but, as the Financial Times reported in July, China, backed by Saudi Arabia, has obstructed negotiations and has refused to debate issues such as emissions.
Fuels, US President Joe Biden, who faces political pressure at home over rising oil prices, could also take some time on the sidelines with Saudi Arabia's Crown Prince Mohammed bin Salman. to discuss the kingdom's pressure on Russia to obtain $100 per barrel. -barrel of petroleum. The economic context adds additional pressures. G20 leaders received a grim update ahead of the summit from the Financial Stability Board, the world's most powerful financial watchdog, which warned of “new challenges and shocks” to the global financial system. Some wonder whether the G20 has outlived its usefulness as anything more than an opportunity for bilateral meetings of marginal leaders. Either way, there isn't much hope for any major breakthroughs. "We saw the growing international division at the last Bali summit," said one analyst. "The New Delhi summit will be no different due to growing international divisions." What you need to know: the UK and European economy UK businesses We expect inflation and wage growth to slow, according to a Bank of England survey, giving policymakers some relief ahead of their next interest rate decision on September.
For premium subscribers]remembering that Europe and its allies are clearly a minority. “It is a great lesson for us,” said one European diplomat. “We enjoyed the G7 and we have the feeling that everyone agrees with us. And then we get to the G20 and it becomes brutally clear that that is not the case.” The biggest source of friction is the war in Ukraine. UK Prime Minister Rishi Sunak is Jordan Mobile Number List among those urging India to “denounce” Moscow for its invasion. His Indian counterpart and summit host, Narendra Modi, has remained neutral throughout the conflict, but has spoken of its impact on food and commodity prices. Sunak, the first British prime minister of Indian descent, also hopes to make progress on a post-Brexit trade deal. Climate change is another bone of contention. More than a dozen major Indian companies have written to G20 leaders calling for action on fossil fuels and supporting the green transition but, as the Financial Times reported in July, China, backed by Saudi Arabia, has obstructed negotiations and has refused to debate issues such as emissions.
Fuels, US President Joe Biden, who faces political pressure at home over rising oil prices, could also take some time on the sidelines with Saudi Arabia's Crown Prince Mohammed bin Salman. to discuss the kingdom's pressure on Russia to obtain $100 per barrel. -barrel of petroleum. The economic context adds additional pressures. G20 leaders received a grim update ahead of the summit from the Financial Stability Board, the world's most powerful financial watchdog, which warned of “new challenges and shocks” to the global financial system. Some wonder whether the G20 has outlived its usefulness as anything more than an opportunity for bilateral meetings of marginal leaders. Either way, there isn't much hope for any major breakthroughs. "We saw the growing international division at the last Bali summit," said one analyst. "The New Delhi summit will be no different due to growing international divisions." What you need to know: the UK and European economy UK businesses We expect inflation and wage growth to slow, according to a Bank of England survey, giving policymakers some relief ahead of their next interest rate decision on September.